SUPERANNUATION AND WAGE INCREASES – 2013

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SUPERANNUATION AND WAGE INCREASES – 2013

Superannuation 

On 1 July 2013, employers must increase their superannuation contribution to 9.25% for eligible employees.

The current employer requirements are:

  • at a minimum rate of 9% of the employee’s ordinary time earnings (OTE). OTE is the amount an employee earns from their ordinary hours of work and may include bonuses, commissions and shift-loadings.
  • for employees between 18 and 69 years of age, if they are paid more than $450 (gross) in one month. If the employee is under 18 years of age, the employee must also work at least 30 hours per week.

When the changes come into effect on 1 July 2013:

  • the upper age limit will be removed, meaning employers will be required to make superannuation contributions for employees above the age of 69.
  • the amount an employer must contribute will incrementally increase by 0.25% annually until the superannuation guarantee becomes 12%.  The final increase will occur on 1 July 2019.

Wage increases

The Fair Work Commission handed down its decision to increase Award rates of pay by 2.6%.  This increase is operative from the beginning of the first pay period to commence on or after 1 July 2013.  On Monday 3 June 2013, members were advised by email in detail of the decision and will shortly receive a copy of the new wage rates applicable to Picture framers.

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