As interest rates start to rise and the economic stimulus slows down is an increase in the minimum wage enough to sustain Australia’s stable economy?
Replacing the Howard Government’s Fair Pay Commission, the Fair Work Australia minimum wage panel’s first task will be to rule on a claim by the Australian Council of Trade Unions (ACTU) for a rise of $27 per week for Australia’s lowest earning workers. The Fair Pay Commission last year rejected the ACTU’s claim for a $25 increase in the weekly minimum wage, forcing struggling Australian workers to battle to make ends meet.
There is growing concern that small employers would find it difficult to cover such a rise, which may result in higher unemployment. If approved, the current weekly minimum wage would increase from $543.78.
For more information on the ACTU’s claim for an increase in the minimum wage, click YOURLifeChoices simple short cut.