Each financial year a number of key employment figures change. The following table sets out the key figures for this financial year as well as a summary of some of the key figures in employment law generally that affect our members.
WAGE INCREASE |
|
| Amount | 1.75% |
| Electrical, Electronic and Communications Contracting Award 2010 | Effective 1 November 2020 |
| Clerks – Private Sector Award 2020 | Effective 1 November 2020 |
EMPLOYMENT |
|
| High Income Threshold | $153,600 per annum |
| Unfair Dismissal Compensation Limit | $76,800 |
| Casual Loading | 25% |
| National Minimum Wage | Per week: $753.80
Per hour: $19.84 |
| Fair Work Act 2009 (Cth) Penalty Unit | $222 |
SUPERANNUATION |
|
| Compulsory Superannuation Contribution | 9.5% |
| Maximum Superannuation Contribution Amount | $57,090 per quarter |
REDUNDANCY |
|
| Redundancy – Tax Free Threshold Calculations | $10,989.00 + ($5,496.00 x completed years of service) |
TAXATION |
|
| Employment Termination Cap | $215,000 |
| Whole of Income Cap | $180,000 |
LONG SERVICE LEAVE – NSW, QLD & TAS |
|
| 10 years of service | 2 months = 8.67 weeks |
| Pro Rata Long Service Leave Contribution for 10 years of service | [ordinary hours worked during period of service] ÷ 52 x 8.6667 ÷ 10 = [amount of long service hours]
[amount of long service hours] x [the employee’s ordinary hourly rate] = amount payable. |
| A further 5 years of service
|
1 month = 4.33 weeks
|
Disclaimer: This summary is a guide only and is not legal advice. For more information on legislative or contractual obligations, please contact CTI Lawyers on 1300 361 099 or email [email protected]