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Employee Benefits in Australia

  • February 2015
  • 79 pages
  • Timetric
Report ID: 2719840

Summary

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Synopsis
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.

Summary
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

Scope
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.

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