Annualised salary changes in effect

A new Banking Finance and Insurance Award came into effect last month with further changes taking effect on 1 March 2020 which apply where an employee receives an Annualised Salary and impose detailed record keeping obligations on employers.

NIBA CEO, Dallas Booth said, “NIBA strongly urges all office managers to be across these new award provisions on their employment contracts and practices. The new rules start from the first full pay period on or after 1 March 2020. ”

The Fair Work Commission website has more details that you can access here.

It is important for general insurance broking employers to consider whether these changes impact any current employees, but also how to manage future employees and to remember that those full time employees paid an annualised wage must now be paid an annualised wage which strictly complies with the new clause 17 of the BFI Award.

These changes can’t be ignored or employers potentially are at risk of not complying with the BFI Award in moving forward. Industry compliance and learning services provider, Gold Seal has published explanations around what employers need to be aware of and do, that you can view, here.

You can access our previous posts about this topic here.