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Discussion Starter #1 (Edited)
Minimum wage rises - by 50 cents
08/02/2012

The minimum wage will increase to $13.50 an hour, the Government has announced.

The current rate is $13.

The training and new entrant minimum wage will increase from $10.40 to $10.80.

Minister of Labour Kate Wilkinson said the increase was about striking a balance between protecting workers and ensuring jobs were not lost.

"The Government is focused on growing the economy, creating jobs and boosting incomes for all New Zealanders."

It will amount to another $1000 a year for someone working fulltime on the minimum wage and comes into effect on April 1.

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Discussion Starter #2
a minimum wage worker

rough calculations on above, for an adult individual with no dependents, working a standard 40 hour week

Gross income: $540.00 - $28080 per year

Using IRD Tax on Annual Income Calculator
Income up to $14000 taxed at 10.5% = $1,470.00
Income over $14000 up to $48000 taxed at 17.5% = $2,464.00
Total $28,080.00 = tax $3,934.00​

Less tax: $75.65 per week
Nett weekly income: $464.35

*****

corrections welcome!
 
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