The Coalition Government has announced a significant increase in the national minimum wage to $5 per hour by 2025, marking a crucial step towards ensuring fair compensation for workers nationwide.
Finance Minister Professor Biman Prasad revealed the increase following a comprehensive evaluation by an impartial team of experts. This evaluation involved discussions with employers, labor organizations, elected officials, and other stakeholders.
This wage increase will be implemented in two phases. Starting on August 1, 2024, the national minimum wage will rise to $4.50 per hour, followed by a further increase to $5 per hour from April 1, 2025.
In addition to the national minimum wage increase, sector-specific wages will also increase. All sector wages will increase by 50 cents across the board starting on August 1, 2024, with an additional 50-cent increase set for April 1, 2025.
The government urges all employers to ensure that the correct minimum wages are paid to workers and is open to exploring solutions for those significantly impacted by these new rates.
The government believes that the new minimum wage rates will enhance productivity and reduce employee absenteeism by incentivizing lower-paid employees to improve attendance and aspire to higher incomes through skill acquisition and increased productivity.
