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FAIR WORK WAGE INCREASE AND PAYROLL INSURANCE


The Fair Work Commission has announced a 5.75% increase in the minimum wage commencing 1 July 2023.


Now is a good time to check in with your clients that separately insure payroll, and make sure they have the correct cover in place considering the imminent increase in the minimum wage.


Business interruption, especially payroll cover, should not be an annual set and forget exercise. It is important to always monitor changes in internal and external business forces and ensure you have the correct cover in place.


Please contact the team at Xcelerate for expert assistance in calculating business interruption sum insureds. Phone 07 3124 8600 or email us at answers@xir.com.au.


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