A Summary of Key Employment Thresholds and Calculations for this Financial Year
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 NECA Legal on 1300 361 099 or email law.clerk@neca.asn.au
NECA Members can join our NECA Legal & IR Facebook group, a place for NECA members to ask general legal and industrial relations questions.
Published 23 July 2020