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.
- Concession cards are additional assistance provided to people who receive income support and other people receiving a low income.
- The Department of Human Services (DHS), through Centre link, administers the social security law of Australia.
- All social security benefits are regulated by the consolidated Commonwealth Acts of Australia.
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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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 Eligibility
6.1.3 Benefits
6.1.4 Payment options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Contributions
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 Contributions
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 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Contributions
6.6 Workers’ Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Contributions
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 Contributions
6.8 Other Benefits
6.8.1 Family Benefits
6.8.2 Long-Term Care Benefits
6.8.3 Unemployment Benefits
6.8.4 Leaves and Holidays
7. PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
8. APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Australia - Country Statistics
Table 3: Australia Retirement Benefits - Retirement Age (Social Security), 2020
Table 4: Australia Retirement Benefits - Retirement Age (Superannuation), 2020
Table 5: Australia Retirement Benefits - Cash Benefits Based on Individual’s Family Status, 2020
Table 6: Australia Retirement Benefits - Employee and Employer Contribution under Social Security
Table 7: Australia Retirement Benefits - Employee and Employer Contribution
Table 8: Australia Death Benefits - Widow Allowance, 2020
Table 9: Australia Death Benefits - Widow B Pension, 2020
Table 10: Australia Death Benefits - Widow B Pension Transitional Rates, 2020
Table 11: Australia Disability Benefits - Disability Support Pension for People Aged Below or Above 21 Years of Age With Children, 2020
Table 12: Australia Disability Benefits - Disability Support Pension for People Aged Below 21 Years With No Children, 2020
Table 13: Australia Sickness Benefits - Sickness Allowance, 2020
Table 14: Australia Workers’ Compensation Benefits - Employee and Employer Contributions
Table 15: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part A, 2020
Table 16: Australia Family Benefits - Maximum amount of Energy Supplement Part A, 2020
Table 17: Australia Family Benefits - Energy Supplement Part A, 2020 Base Rates
Table 18: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part B, 2020
Table 19: Australia Family Benefits - Maximum Amounts of Energy Supplement Part B, 2020
Table 20: Australia Family Benefits - Parenting Benefits, 2020
Table 21: Australia Unemployment Benefits - Cash Benefits for New start Allowance, 2020
Table 22: Australia Unemployment Benefits - Cash Benefits for Youth Allowance, 2020
Table 23: Australia Unemployment Benefits - Cash Benefits at Special Payment Rates, 2020
Table 24: Australia Unemployment Benefits - Parenting Single Payment, 2020
Table 25: Australia Leave - Fixed National and Public Holidays 2020
List of Figures
Figure 1: Australia - Main Institutions of Social Security System
