Values of the remuneration bands from 1 July 2024
The values of the remuneration bands for executives employed in prescribed public entities, whose roles have been classified using the Public Entity Executive Classification Framework (PEECF) or Victorian Public Service Executive Classification Framework, are shown in the table below.
The last row shows the remuneration band that applies to Chief Executive Officers (or similar positions if not titled as such) whose positions have been assessed using the PEECF and do not meet the minimum work value score required for their classification to be determined (21 points).
Classification | Base of band TRP ($ per annum) | Top of band TRP ($ per annum) |
|---|---|---|
| Public Entity Senior Executive Service-1 / Senior Executive Service-1 | 225,000 | 290,600 |
| Public Entity Senior Executive Service-2 / Senior Executive Service-2 | 290,601 | 419,000 |
| Public Entity Senior Executive Service-3 / Senior Executive Service-3 | 419,001 | 557,435 |
| Chief executive officer with a work value score below 21 points | 157,157 | 290,600 |
Notes: The Public Entity Executive Handbook defines total remuneration (TRP) as the sum of: base salary; superannuation contributions; employment benefits (i.e. non-salary) specified in the executive’s contract of employment; the annual cost to the employer of providing the non-monetary benefits, including any fringe benefits tax payable. The values in the table are for executives employed on a 1.0 Full Time Equivalent (FTE) basis, and apply pro rata to executives employed on a part-time basis.
The Tribunal has published updated Prescribed Public Entity Executive Remuneration Guidelines, which support public entities in placing executives within the remuneration bands. The guidelines should be read together with the Determination in effect at the time.
Determination in effect
On 19 December 2024, and in accordance with section 19 of the the Victorian Independent Remuneration Tribunal and Improving Parliamentary Standards Act 2019 (Vic) (VIRTIPS Act), the Tribunal made the Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2024.
The Determination has been backdated to take effect from 1 July 2024. It applies to executives employed in prescribed public entities. The Determination sets the framework for an executive’s remuneration based on their relevant remuneration band.
Employers of executives retain the power to set an individual executive's remuneration within the relevant band. However, employers proposing to pay an executive above the maximum of the relevant band must apply for and consider the Tribunal's advice.
The Tribunal is required to make an annual adjustment to the values of remuneration bands set in the 2024 Determination. The next annual adjustment Determination will take effect from 1 July 2025.
Previous Determinations
Find information about previous Determinations and the values of the remuneration bands for executives employed in prescribed public entities prior to 1 July 2024.
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