Majority of us would like to make more money than we are currently making in our jobs; however a few among us might even be satisfied by their current wages. Nevertheless, there are some who do not get paid enough for all the efforts they put in. To make sure that nobody is treated unfairly, there is a criterion set for a minimum wage. This is mentioned in the Fair Work Act of 2009. This act is responsible for regulating and keeping an annual check on wages and if you are unsure you could engage lawyers to help you.
The yearly minimum wage is reviewed according to the rules and regulations listed in part 2-6 of the act. The minimum wage panel is a branch of the Fair Work Act that sets the minimum salary that must be given to any worker. This panel reviews and set wages on a national level which are later approved for awards and agreements. For legal advice regarding unfair dismissal or workplace rights, you will need to consult an employment lawyer if you wish to seek legal advice.
When we talk about wage and hour division, five things should be taken into account:
- Normal load and rate of pay
- Maximum standard hours of work
- Parental Leaves
- Personal Leaves
- Annual Leaves
These national employment standards are also working on adding needs such as flexible working times, public holidays, termination notice periods, unemployment pay, community service leaves, and long service leaves.
Why Set A Minimum Wage?
Setting a fair minimum wage is important; here’s why:
- You should get paid for the equal amount of efforts you are putting into your work.
- It increases the performance and competitiveness of our nation’s economy, which comprises of growth in employment, increase in prices, practicality, competitiveness of the industry, and greater efficiency.
- A satisfied workforce will result in better participation that will increase the social connectivity in turn.
- It can lead to an improved standard of living and meet the needs of low paid workers.
- It ensures fair minimum wage distribution to every group including; junior employees, probationary employees, and disabled employees
For instance, the minimum wage in Australia, from the year 2009-2015 is $657.
Working extra hours will be counted as overtime and it applies when you are; working more than the normal working hours, more than the hours you agreed upon, and after the spread of the ordinary hours.
To manage the wages for employees who work overtime, two different categories of law are applicable. If your employee falls in the category of Fair Labor Standards Act, it allows them to work overtime and receive half day’s pay as the overtime pay. If they fall in the other category, there are different laws for it, with respect to their salary. The other category is for non-exempt employees who are granted overtime pay according to the law.
Wage and hour law is important as it allocates the right amount of salary for your efforts which will further motivate you in a long run to be more productive, feel secure, accomplish greater goals, and become loyal to the company. It is also a great source of external motivation and boosts the well-being and job satisfaction of the employees.