What you need to know
The government increased the minimum wage from April 1.
The adult minimum wage rise by $0.45 an hour takes it up to $23.15 an hour. This means additional costs for many businesses.
Workplace Relations and Safety Minister Brooke van Velden said that “a cautious approach to the minimum wage is required this year” giving “our lowest paid workers more money in their pockets, without hindering job growth or imposing unreasonable costs on businesses”.
If your business has minimum wage employees:- talk to your payroll team to ensure wage changes have been made
- adjust your budgets for the year
- consider the impact on the rest of your financial plans
- check if existing employment agreements provide for overtime or allowances — if they do, consider the impact of the wage increases.
Contact Alliott NZ Chartered Accountants in Auckland if you’re unsure how to plan for the minimum wage adjustment.
