How to get ready for the median wage increase in 2024
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Contents:
Immigration New Zealand has announced that the median wage will increase from $29.66 to $31.61 in February 2024.
This 6.6% increase is significant, and there are a number of things your business needs to do in order to prepare for this change. This article highlights the key factors, but please contact us for personalised advice for you and your team.
Which visa categories are impacted by the median wage increase?
The changes to the median wage affect the Accredited Employer Work Visa (AEWV), Partner, and Skilled Migrant Category visas. The change won’t affect existing visa holders, but will impact new applications, visa renewals, and those working towards residency eligibility in any skilled visa categories.
The wage increase will also affect the Skilled Migrant Residence visas and Green List Residence visas that have specific wage requirements.
If you have any employees who are in these categories and you’re concerned about how it will affect them (and you), please get in touch.
How else could the median wage increase affect your business?
The increased median wage requirements may raise your operational costs. Thus in turn, you may need to review your pricing and financial forecasts.
It is also recommended that you review your hiring plans – and with urgency. The changes take effect in February 2024, leaving only a short time to hire skilled migrants at the existing median wage level. Work visa applications need to be submitted before the wage increase takes place. Time is short, but our team of immigration advisers and migrant recruitment consultants are on standby to assist you.
Contact us for personalised advice
Our team of immigration consultants is here to help you – please contact us for personalised advice for your organisation. Call us on 0800 4 VISAS (0800 484 727) or email info@visaaide.co.nz.
