Effective from 1 July 2024, the Temporary Skilled Migration Income Threshold (TSMIT) will increase from $70,000 to $73,150.
The TSMIT sets the minimum salary that must be offered to overseas skilled workers. This ensures they earn a fair wage, maintain a reasonable standard of living, and prevent undercutting local wages.
What This Means
From 1 July 2024, any new nomination applications for the following visas must offer a minimum salary of $73,150 or the annual market salary rate, whichever is higher:
- Temporary Skill Shortage (subclass 482) Visa
- Employer Nomination Scheme (ENS) (subclass 186) Visa via the Direct Entry stream
- Employer Sponsored Regional (subclass 494) Visa
Existing visa holders and nominations lodged before 1 July 2024 will not be affected by this change.
Implications for Employers
With these new changes employers looking to sponsor will need ensure the new threshold is met and take care in recruiting especially when looking to satisfy Labour Market Testing (LMT) requirements.
Preparing in advance of the July 1 implementation will help companies comply and transition to the new changes smoothly.
For further clarity on these developments and assistance with Employer Sponsored visas, contact Stone Group Lawyers today to book an initial consultation.
The above article published by Stone Group Lawyers is intended as general information only and is not legal advice on any subject matter. By viewing the above article, the reader understands there is no solicitor-client relationship between the reader and the article published. The above article should not be used as a substitute for legal advice from a legal practitioner, and readers are urged to consult Stone Group Lawyers on any legal queries concerning a specific situation.