Wages, 1960-1969. Federal Minimum Wage. Chart from the U.S. Dept of Labor shows the first federal minimum wage law enacted in 1938 (25 cents), and all subsequent increases through 2009. States could enact minimum wage laws as well, if they wished to have a higher minimum than that specified by the federal government.hart from the U.S. Dept of Labor shows the first federal minimum wage law enacted in 1938 (25 cents), and all subsequent increases through 2009. States could enact minimum wage laws as well, if they wished to have a higher minimum than that specified by the federal government.
The deal is that you increase your superannuation balance (and pay 15% contributions tax, and for those earning an adjusted taxable income of more than $300,000, 30% tax on super contributions) while reducing the amount of income tax payable (up to 49% including Medicare levy) on your salary or wages.
Calculations are based on the minimum amount of super your employer must pay on your behalf, known as the Superannuation Guarantee Contribution (SGC). The Super Guarantee Contribution rate is currently 9.5% of your gross salary and wages, on income up to $50,810 per quarter. This rate will be increased by 0.5% on 1 July 2021. Further increments of 0.5% will apply annually up to 2025â26, when the Super Guarantee rate will be set at 12%.