Today the Fair Work Commission Minimum Wage Panel released their Annual Wage Review decision.

The decision increases the minimum weekly wage by 2.6% to $622.20 per week (up from $606.40); or $16.37 per hour (up from $15.96 per hour).

All modern award minimum wage rates are also subject to the 2.6% increase.

The new minimum wages take effect from 1 July 2013.

Employers should satisfy themselves that employee wages will meet the adjusted minimums effective 1 July 2013 in order to ensure compliance.

And don’t forget that the statutory superannuation contribution rate increases to 9.25% (up from 9%) of ordinary time earnings, up to the maximum contributions base, effective 1 July 2013 too.