Remuneration bands for executives in prescribed public entities

The Tribunal is responsible for setting the values of the remuneration bands for executives employed in prescribed public entities and for making Guidelines relating to the placement of executives within the bands.

Values of the remuneration bands from 1 July 2023

From 1 July 2023, the values of the remuneration bands for executives employed in prescribed public entities are:

Classification

Minimum TRP(a)

($ per annum)

Maximum TRP(a)

($ per annum)

Public Entity Senior Executive Service-1(b) 151,134 279,238
Public Entity Senior Executive Service-2 279,239 401,017
Public Entity Senior Executive Service-3 401,018 533,431
Notes:

(a) 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.

(b) When the work value of an executive’s position has been assessed using the Public Entity Executive Classification Framework (PEECF) and the position has a work value score of at least 21 points, the executive’s total remuneration package (TRP) must be no lower than $216,376 per annum (based on 1.0 FTE). Once the work value of executive roles in prescribed public entities has been obtained using the PEECF, the only executives in prescribed public entities with a TRP between $151,134 and $216,375 per annum (based on 1.0 FTE) may be Chief Executive Officers (or equivalent roles) whose position does not meet the minimum work value score required for their classification to be determined under that framework (21 points).

Determination in effect

On 18 December 2020, and in accordance with section 19 of 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. 01/2020.

Click here to find information about the consultation process for this Determination.

In accordance with section 20 of the VIRTIPS Act, the Tribunal has made the Remuneration bands for executives employed in prescribed public entities (Victoria) Annual Adjustment Determination 2023, which adjusts the values of the remuneration bands effective from 1 July 2023.

Employers of executives retain the power to set an individual executive's remuneration within the relevant band. The Tribunal has issued Guidelines about the placement of executives within the bands.

If an employer proposes to pay an executive above their remuneration band, they must apply for and consider the Tribunal's advice.

Consolidated version of the Determination

For ease of reference, the Tribunal has published a consolidated version of the Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2020, incorporating changes made by the 2021, 2022 and 2023 Annual Adjustment Determinations:

Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2020 as varied by [2021] DPPEA 01, [2022] DPPEA 01 and [2023] DPPEA 01
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Accessible version - Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2020 as varied by [2021] DPPEA 01, [2022] DPPEA 01 and [2023] DPPEA 01
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Original Determination

The Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2020 as made is available here:

Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2020
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Remuneration bands for executives employed in prescribed public entities (Victoria) Determination No. 01/2020
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Prescribed Public Entity Executive Remuneration Guidelines

The Tribunal has published guidelines to support prescribed public entities in placing executives within the remuneration bands. The guidelines should be read together with the Determination in effect at the time.

Note: The guidelines were revised in July 2023 to reflect the publication of the Remuneration bands for executives employed in prescribed public entities (Victoria) Annual Adjustment Determination 2023.

Updated