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Employee Benefits in Australia

  • February 2015
  • -
  • Timetric
  • -
  • 79 pages

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 pillar is funded through general taxation revenue with a flat rate benefit regardless of the individual’s previous earnings; 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 the 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 into employee benefits in Australia, including:

- An overview of the state and compulsory benefits in Australia

- Detailed information about private benefits in Australia

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Australia

This report provides a detailed analysis of employee benefits in Australia:

- It offers a detailed analysis of key government-sponsored employee benefits, along with private benefits

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, minimum resources, unemployment, long-term care benefits 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 Australia’s 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 Australia’s employee benefits, and their impact on companies

Key Highlights
- Australia’s social security system covers people belonging to different sections, including the labor force and the unemployed. All the social security benefits are regulated by the Commonwealth Government Acts.

- The means-tested income support benefits are provided at a flat rate in the country and all the benefits are based on the needs of the beneficiaries, not on their previous income. The government finances benefits through national, general revenue and funded system.

- Superannuation funds are categorized as corporate or employer-sponsored funds; self-managed superannuation funds; small APRA funds; public sector funds; industry funds; and retail funds and public offer funds.

Table Of Contents

Employee Benefits in Australia
Table of Contents
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 plans
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 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen's Compensation
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 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Taxation
6.1 Unemployment
6.10.1 Eligibility
6.10.2 Benefits
6.10.3 Payment Options
6.10.4 Employee and employer contributions
6.10.5 Taxation
6.11 Long-Term Care Benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Employee and employer contributions
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Sickness Benefits
7.4 Medical Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-AUD
8.1.8 Unemployment rate
8.1.9 Gross national disposable income
8.1.10 Household consumption expenditure
8.2 Demographics
8.2.1 Total population
8.2.2 Urban and rural populations
8.2.3 Labor force
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Australia - Country Statistics
Table 3: Australia Retirement Benefits - Retirement Age
Table 4: Australia Retirement Benefits - Cash Benefits Based on Individual's Family Status
Table 5: Australia Retirement Benefits - Transitional Retirement Cash Benefits Based on the Individual's Family Status
Table 6: Australia Retirement Benefits - Senior's Supplement
Table 7: Australia Retirement Benefits - Rent Assistance Given to Individuals with No Children
Table 8: Australia Retirement Benefits - Rent Assistance Given to an Individual with Children
Table 9: Australia Retirement Benefits - Employee and Employer Contribution under Social Security
Table 10: Australia Retirement Benefits - Employee and Employer Contribution
Table 11: Australia Death Benefits - Asset Test Threshold for Full Pension
Table 12: Australia Death Benefits - Asset Test Limits for Part Pension
Table 13: Australia Death Benefits - Transitional Payments
Table 14: Australia Death Benefits - Widow Allowance
Table 15: Australia Death Benefits - Widow B Pension
Table 16: Australia Death Benefits - Widow B Pension Transitional Rates
Table 17: Australia Income Test - Single Pensioners
Table 18: Australia Income Test - Couple Combined, Illness Separated (Couple Combined) Pensioners
Table 19: Australia Income Test - Single Pensioners
Table 20: Australia Income Test - Couple Combined, Illness Separated (Couple Combined) Pensioners
Table 21: Australia Disability Benefits - Cut-off Points
Table 22: Australia Disability Benefits - Assets Test for Disability Support Pension For Individuals Below 21 years With No Children
Table 23: Australia Disability Benefits - Disability Support Pension for People Aged Below or Above 21 Years of Age With Children
Table 24: Australia Disability Benefits - Disability Support Pension for People Aged Below 21 Years With No Children
Table 25: Australia Sickness Benefits - Sickness Allowance
Table 26: Australia Sickness Benefits - Austudy Payments
Table 27: Australia Sickness Benefits - Income Support Bonus
Table 28: Australia Sickness Benefits - Telephone Allowance
Table 29: Australia Workmen Compensation Benefits - Employee and Employer Contributions
Table 30: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part A
Table 31: Australia Family Benefits - Energy Supplement Part A
Table 32: Australia Family Benefits - Energy Supplement Part A
Table 33: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part B
Table 34: Australia Family Benefits - Maximum Amounts of Energy Supplement Part B
Table 35: Australia Family Benefits - Parenting Benefits
Table 36: Australia Minimum Resources - Cash Benefits Paid as Youth Allowance
Table 37: Australia Minimum Resources - Cash Benefits Paid as New start Allowance
Table 38: Australia Unemployment Benefits - Cash Benefits for New start Allowance
Table 39: Australia Unemployment Benefits - Cash Benefits for Youth Allowance
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: Main Organizations of Australian Social Security System
Figure 2: Australian GDP at Constant Prices (US$ Billion), 2010-2014
Figure 3: Australian GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 4: Australian GDP at Current Prices (US$ Billion), 2009-2013
Figure 5: Australian GDP Per Capita at Current Prices (US$), 2009-2013
Figure 6: Australian GDP by Key Sectors (%), 2008-2012
Figure 7: Australian Inflation Rate (%), 2008-2013
Figure 8: Australian Annual Average Exchange Rate US$-AUD, 2009-2013
Figure 9: Australian Unemployment Rate (%), 2008-2013
Figure 10: Australian Gross National Disposable Income (US$ Billion), 2007-2011 72
Figure 11: Australian Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 12: Australian Total Population (Million), 2009-2013
Figure 13: Australian Urban and Rural Populations (%), 2010-2014
Figure 14: Australian Size of Labor Force (Million), 2008-2012

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