The report provides in-depth industry analysis, information, and insights of the employee benefits in Australia, including an 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.
Australia has one of the most-developed and well-established welfare systems. 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, a superannuation guarantee (SG) 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 (SSS) also supports unemployed people with the new start allowance. People unable to support themselves through work or savings are supported through payments, such as family tax benefit (FTB), supplementary payments, and income support payments. The allocation of payments is based on the means of testing the individual’s income and assets.
Australia has one of the most-developed and well-established welfare systems. 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, a superannuation guarantee (SG) 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 (SSS) also supports unemployed people with the new start allowance. People unable to support themselves through work or savings are supported through payments, such as family tax benefit (FTB), supplementary payments, and income support payments. The allocation of payments is based on the means of testing the individual’s income and assets.
Key Highlights
- The FaHCSIA, The DEEWR, DHS, The Department of Health and Ageing and The Department of Industry, Innovation, Science, Research and Tertiary Education are responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In Australia, mandatory retirement planning schemes-Age Pension and Superannuation-meet most of the retirement requirements of its residents. Individuals who seek further security and a larger retirement corpus make voluntary contributions to their Superannuation Funds or invest in other private alternatives, such as business assets, real estate (including owner-occupied dwellings), and other financial and non-financial assets.
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, medical benefits, workmen's compensation insurance, maternity and paternity benefits, Unemployment Benefit, leaves and holidays 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 the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing employee benefits market, and their impact on companies
Table of Contents
1. Executive Summary3. Country Statistics4. Overview of Employee Benefits in Australia5. Regulations
2. Introduction
6. State and Compulsory Benefits
7. Private Benefits
List of Tables
