The FWC will tomorrow bring down its much-anticipated decision in this year's minimum wage review, with employers calling for a pay freeze due to the pandemic's impact on business and unions arguing for a 4% rise to stimulate the economy.
Federal Treasury has told the FWC's minimum wage panel to be cautious in accepting predictions of a "very strong snapback" in the unemployment rate, as the economy re-opens after the coronavirus pandemic.
The FWC will today hold its final hearing in this year's minimum wage review, in which employers and unions are divided over whether the domestic economy has started to recover from the coronavirus pandemic shutdown.
The ACTU and the Victorian Government in supplementary submissions to the FWC's annual wage review have maintained their requests for real wage increases, while the AiG has fallen into line with ACCI and backed a freeze.
Large numbers of retail employees covered by agreements approved in the second half of last year face wage freezes if employers succeed in their campaign for a coronavirus-driven pause in minimum pay rises such as that adopted during the GFC, new Attorney-General's Department data on bargained wage rises reveals.
The FWC has opened the door on a potential delay to any minimum wage increase this year, observing it can change the effective date in "exceptional circumstances".
As some employers suggest that FWC's minimum wage panel might need to freeze or cut minimum pay due to the coronavirus crisis, the UK has lifted its wage floor to 60% of the median.
The FWC's minimum pay panel has extended the annual wage review timetable so it can factor the latest national accounts data into assessing the effects of the coronavirus pandemic, but is yet to decide whether "exceptional circumstances" warrant a delay in the operative date.
Canberra asks FWC wage panel to maintain jobs; PM urges employers to take JobKeeper "guarantee" to their banks; Opposition raises JobKeeper issues with Government; FWC floating new coronavirus statutory declaration requirements; and Coronavirus crisis no time for AMMA proposal, says Porter.
