Article: Target Accounting
New Zealand's government has recently announced changes to the minimum wage that will come into effect from April 1, 2023. This increase will have a significant impact on businesses across the country.
The Prime Minister has announced that the adult minimum wage will rise to $22.70 per hour from April 1 2023. This is an increase of $1.50 per hour from the current hourly rate of $21.20 and aligns with the 7.2% rate of Consumer Price Index inflation in the year ended December 2022.
The training and starting-out minimum wages will increase to $18.16 per hour, remaining at 80% of the adult minimum wage. This merits a rise from the current minimum rate of $16.96 per hour.
For an employee who works 40 hours a week, the minimum wage rises to $22.70 per hour, which means they'll earn an extra $60 each week before tax.
Around 222,900 New Zealand workers currently paid between the current and new minimum wage rates will get an increase in their pay packets due to the change in the minimum wage.
The Government will review the minimum wage rate again later this year.
Source: https://www.beehive.govt.nz/release/government-takes-new-direction-policy-refocus
The minimum wage is the lowest rate employers can legally pay their employees, and it applies to all workers aged 16 and over, including part-time and casual employees. The minimum wage is usually reviewed annually and adjusted based on the cost of living, inflation, and other factors.
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