What does award rate mean?

award rate

The award rate is the minimum amount of pay an employee can receive according to the rules of an award.

The award rate is a baseline salary determined by an award, which sets the minimum pay for employees in specific industries or jobs. This rate ensures that employees receive fair compensation for their work. It varies across different awards, reflecting the unique demands and conditions of various occupations. Employers must pay at least this rate, but they can pay more.

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Other glossary terms

superannuation

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Money paid by an employer on behalf of an employee into a superannuation fund to provide for the employee’s retirement.

penalty rate

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A higher pay rate that can apply when an employee works evenings, weekends or public holidays. These rates are outlined in awards and registered agreements

liquidation

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Liquidation is the formal process where a liquidator is appointed to wind up the affairs of a company. This involves taking control of a company's assets.

enterprise bargaining

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Enterprise bargaining is a negotiation process typically involving employers, employees and their representatives. This process aims to establish an EA.