Streamlining Payroll Management Helps Ensure Compliance
Annualised salary reporting can be time-consuming, and with the recent Fair Work Commission decision, employers must now comply with a 3.75% increase to the National Minimum Wage and minimum award wages. To help ensure compliance, employers must monitor and adjust variances—whether weekly, monthly or yearly—or risk significant fines and legal action due to underpayments. Fines, complaints and lawsuits are costly and disruptive for organisations of any size across Australia.
The WorkForce Suite meets the unique rostering needs of diverse teams in your organisation. The suite refines compliance with flexible options to manage workforce rostering—whether employee shifts are predictable or highly variable. A powerful business rules engine delivers real-time wage variance calculations, budget control and proactive adjustments, preventing miscalculations and unexpected costs while ensuring fair and accurate employee compensation.
What Australian Employers Need to Know About Annualised Wage Agreements
With an increase in the national minimum wage in Australia, businesses that do not stay ahead of the new rules could face profound consequences. Learn more about the implications of the Fair Work Commission’s Annual Wage Review Decision in this guide.
“We needed to implement a solution that had the capability to support our management team, promote high levels of engagement for our employees and provide reassurance for our clients that we were able to deliver our promises.”
Business Support & Improvement Manager
What do the latest changes to the Annualised Wage Agreements mean for managers?
- Minimum wage increased by 3.75%
- New rates effective from the first pay period after July 1, 2024
- Annualised salaries must meet new minimums, including penalties and allowances
- A new criminal offence for intentional underpayments by employers will be added to the Fair Work Act as part of the new ‘Closing Loopholes’ laws from no earlier than 1 January 2025
- Businesses must keep accurate work records for seven years, acknowledged by employee
Get Accurate Rostering Compliance With Annualised Wage Agreements for Deskless Workers
- Real-time calculations: Industry-leading real-time award calculations compare annualised salaries against award wages, identifying under/overpayments instantly
- Visibility: Clear roster views for managers to monitor award variances to adjust instantly
- Proactive alerts and notifications: Automated notifications trigger when employees are better off under awards or variances exceed limits
- Save time by eliminating error-prone manual reporting: Give back hours of time to your managers by eliminating time-consuming, error-prone manual calculations with our automated rules engine
- Compliance: Flexible application of labour laws and business rules ensures compliance with Fair Work Australia
- Sector-specific: Adjusts awards relevant to various sectors, including retail, hospitality and healthcare
