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Employee Benefits in Australia 2017

  • ID: 4702013
  • Report
  • Region: Australia
  • 77 pages
  • GlobalData
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Summary

Australia has one of the most developed and well-established welfare systems. In order to ensure decent living conditions for its citizens, the Australian government operates various welfare schemes. The main outgoing expenditures of the Australian government include income support payments and the payment of expenditures to families, including retirement benefits and other pensions. The Australian pension system is divided into three pillars: the first is funded through general taxation revenue with a flat rate benefit regardless of the individual’s previous earnings; while a superannuation guarantee forms the second pillar, which is a mandatory concessional-taxed savings system; and the third pillar is a voluntary superannuation contribution system assisted by tax concessions. The Australian social security system also supports unemployed people with the new start allowance. People who are unable to support themselves through work or savings are supported through payments such as family tax benefit, supplementary payments and income support payments. The allocation of payments is based on the means testing of the individual’s income and assets.

The report provides in-depth industry analysis, information and insights of the employee benefits in Australia, including: overview of the state and compulsory benefits in Australia, detailed information about the private benefits in Australia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Australia.

Key Highlights
  • The social security system of Australia covers people belonging to different sections, including the labor force and unemployed people.
  • The main state and compulsory benefits include: old-age, survivor's and disability pension; unemployment benefits; short-term sickness benefits; workmen’s compensation and occupational diseases; long-term care benefits; family benefits; maternity benefits; medical care benefits; and minimum resource benefits.
  • Concession cards are additional assistance provided to people who receive income support and other people receiving a low income.
  • All the social security benefits are regulated by the Commonwealth Government Acts.
Scope
  • This report provides a detailed analysis of employee benefits in Australia.
  • It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
  • It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in Australia.
Reasons to Buy
  • Make strategic decisions using in-depth information related to employee benefits in Australia.
  • Assess Australian employee benefits market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in Australia.
  • Gain insights into key organizations governing Australian employee benefits, and their impact on companies.
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1 EXECUTIVE SUMMARY

2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions

3 COUNTRY STATISTICS

4 OVERVIEW OF EMPLOYEE BENEFITS IN AUSTRALIA

5 REGULATIONS

6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Employee and employer contributions
6.2.6 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Age
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Long-Term Care Benefits
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Employee and employer contributions
6.10 Minimum Resources
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Taxation
6.11 Unemployment Benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment options
6.11.5 Employee and employer contributions
6.11.6 Taxation

7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Sickness Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits

8 APPENDIX
8.1 Methodology
8.2 Contact US
8.3 About
8.4 Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Australia - Country Statistics
Table 3: Australia Retirement Benefits - Retirement Age, 2017
Table 4: Australia Retirement Benefits - Cash Benefits Based on Individual’s Family Status, 2017
Table 5: Australia Retirement Benefits - Transitional Retirement Cash Benefits Based on the Individual’s Family Status, 2017
Table 6: Australia Retirement Benefits - Rent Assistance Given to Individuals With No Children, 2017
Table 7: Australia Retirement Benefits - Rent Assistance Given to an Individual With Children, 2017
Table 8: Australia Retirement Benefits - Employee and Employer Contribution under Social Security
Table 9: Australia Retirement Benefits - Employee and Employer Contribution
Table 10: Australia Death Benefits - Asset Test Threshold for Full Pension, 2017
Table 11: Australia Death Benefits - Asset Test Limits for Part Pension, 2017
Table 12: Australia Death Benefits - Asset Test Limits for Part Pension, 2017
Table 13: Australia Death Benefits - Widow Allowance, 2017
Table 14: Australia Death Benefits - Widow B Pension, 2017
Table 15: Australia Death Benefits - Widow B Pension Transitional Rates, 2017
Table 16: Australia Income Test - Single Pensioners, 2017
Table 17: Australia Income Test - Couple Combined, Illness Separated (Couple Combined) Pensioners, 2017
Table 18: Australia Income Test - Single Pensioners
Table 19: Australia Income Test - Couple Combined, Illness Separated (Couple Combined) Pensioners
Table 20: Australia Disability Benefits - Cut-off Points, 2017
Table 21: Australia Disability Benefits - Assets Test for Disability Support Pension For Individuals Below 21 years With No Children, 2017
Table 22: Australia Disability Benefits - Disability Support Pension for People Aged Below or Above 21 Years of Age With Children, 2017
Table 23: Australia Disability Benefits - Disability Support Pension for People Aged Below 21 Years With No Children, 2017
Table 24: Australia Sickness Benefits - Sickness Allowance, 2017
Table 25: Australia Sickness Benefits - Study Payments, 2017
Table 26: Australia Sickness Benefits - Income Support Bonus
Table 27: Australia Sickness Benefits - Telephone Allowance, 2017
Table 28: Australia PBS Safety Net - Thresholds, 2017
Table 29: Australia Workmen Compensation Benefits - Employee and Employer Contributions
Table 30: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part A, 2017
Table 31: Australia Family Benefits - Energy Supplement Part A, 2017
Table 32: Australia Family Benefits - Energy Supplement Part A, 2017
Table 33: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part B, 2017
Table 34: Australia Family Benefits - Maximum Amounts of Energy Supplement Part B, 2017
Table 35: Australia Family Benefits - Parenting Benefits, 2017
Table 36: Australia Minimum Resources - Cash Benefits Paid as Youth Allowance, 2017
Table 37: Australia Minimum Resources - Cash Benefits Paid as New start Allowance, 2017
Table 38: Australia Unemployment Benefits - Cash Benefits for New start Allowance
Table 39: Australia Unemployment Benefits - Cash Benefits for Youth Allowance, 2017
Table 40: Australia Unemployment Benefits - Cash Benefits at Special Payment Rates
Table 41: Australia Unemployment Benefits - Parenting Single Payment
Table 42: Australia Private Retirement Benefits - Level of Insurance
Table 43: Australia Private Retirement Benefits - Preservation Age

List of Figures
Figure 1: Australia - Main Institutions of Social Security System 19
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