Australia Changes to TSS Visa Income Threshold From July 2024 | TSMIT Australia Visa Update
Significant changes to Australia Temporary Skilled Migration Income Threshold will take effect on July 1, 2024 and it will have an effect on Australian companies that sponsor migrants. An essential part of Australia's skilled migration policy is the Australia Temporary Skilled Migration Income Threshold. It establishes the minimal wage that companies have to give foreign employees in order to sponsor them for an Australian TSS visa. The TSMIT was introduced to protect Australian job standards, as it guarantees that qualified Australia temporary workers are fairly compensated and that hiring foreign labor at a lower rate does not damage Australian labor force. We went over the upcoming changes to Australia's temporary migration income threshold, their effects on Australian migrant workers and sponsoring companies, and reasons for these changes.
The Australia TSMIT is reviewed by the Australian Government on a regular basis to account for shifts in the cost of living and labor market. According to the migration strategy, this impending change will have some impact on migrants and Australian companies sponsoring foreign worker. Based on Australia's Consumer Price Index, it is anticipated that the TSMIT will rise to a range between $72,500 and $72,800. Based on a comparison of the existing threshold of $70,000, the indexed CPI is anticipated to be between 4.2% and 4.5%.
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Video Content:
00:00 Start
01:40 Implications For Migrants and Employers
02:31 Industry Impact
03:43 Reasons For The Upcoming Changes
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