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Employee Benefits in Australia 2017

Published By :

GlobalData

Published Date : Jan 2018

Category :

Banking

No. of Pages : 77 Pages

Employee Benefits in Australia 2017

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 individuals 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 individuals 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; workmens 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.
Table of Contents
1 EXECUTIVE SUMMARY 2
2 INTRODUCTION 9
2.1 What is this Report About? 9
2.2 Definitions 9
3 COUNTRY STATISTICS 13
4 OVERVIEW OF EMPLOYEE BENEFITS IN AUSTRALIA 14
5 REGULATIONS 16
6 STATE AND COMPULSORY BENEFITS 19
6.1 Retirement Benefits 22
6.1.1 Introduction 22
6.1.2 Types of retirement plan 22
6.1.3 Eligibility 22
6.1.4 Age 23
6.1.5 Benefits 23
6.1.6 Payment options 26
6.1.7 Typical employer practice 26
6.1.8 Employee and employer contributions 27
6.1.9 Taxation 28
6.2 Death in Service 29
6.2.1 Introduction 29
6.2.2 Eligibility 29
6.2.3 Benefits 32
6.2.4 Payment options 34
6.2.5 Employee and employer contributions 34
6.2.6 Taxation 34
6.3 Long-Term Disability Benefits 35
6.3.1 Introduction 35
6.3.2 Eligibility 35
6.3.3 Benefits 38
6.3.4 Payment options 40
6.3.5 Employee and employer contributions 40
6.3.6 Taxation 40
6.4 Short-Term Sickness Benefits 41
6.4.1 Introduction 41
6.4.2 Eligibility 41
6.4.3 Benefits 42
6.4.4 Payment options 43
6.4.5 Employee and employer contributions 43
6.4.6 Taxation 44
6.5 Medical Benefits 45
6.5.1 Introduction 45
6.5.2 Eligibility 45
6.5.3 Age 45
6.5.4 Typical employer practice 47
6.5.5 Employee and employer contributions 48
6.6 Workmens Compensation Insurance 49
6.6.1 Introduction 49
6.6.2 Eligibility 49
6.6.3 Benefits 50
6.6.4 Payment options 51
6.6.5 Employee and employer contributions 51
6.6.6 Taxation 51
6.7 Maternity and Paternity Benefits 52
6.7.1 Introduction 52
6.7.2 Eligibility 52
6.7.3 Benefits 54
6.7.4 Payment options 55
6.7.5 Employee and employer contributions 55
6.7.6 Taxation 55
6.8 Family Benefits 57
6.8.1 Introduction 57
6.8.2 Eligibility 57
6.8.3 Benefits 58
6.8.4 Payment options 61
6.8.5 Employee and employer contributions 61
6.8.6 Taxation 61
6.9 Long-Term Care Benefits 62
6.9.1 Introduction 62
6.9.2 Eligibility 62
6.9.3 Benefits 62
6.9.4 Employee and employer contributions 63
6.10 Minimum Resources 64
6.10.1 Introduction 64
6.10.2 Eligibility 64
6.10.3 Benefits 64
6.10.4 Payment options 65
6.10.5 Taxation 65
6.11 Unemployment Benefits 66
6.11.1 Introduction 66
6.11.2 Eligibility 66
6.11.3 Benefits 67
6.11.4 Payment options 69
6.11.5 Employee and employer contributions 69
6.11.6 Taxation 69
7 PRIVATE BENEFITS 70
7.1 Retirement Benefits 71
7.2 Disability Benefits 71
7.3 Sickness Benefits 72
7.4 Medical and Health Benefits 72
7.5 Other Benefits 72
8 APPENDIX 75
8.1 Methodology 75
8.2 Contact GlobalData 75
8.3 About GlobalData 76
8.4 GlobalDatas Services 77
8.5 Disclaimer 78

List of Tables
Table 1: Insurance Industry Definitions 9
Table 2: Australia - Country Statistics 13
Table 3: Australia Retirement Benefits - Retirement Age, 2017 23
Table 4: Australia Retirement Benefits - Cash Benefits Based on Individuals Family Status, 2017 24
Table 5: Australia Retirement Benefits - Transitional Retirement Cash Benefits Based on the Individuals Family Status, 2017 24
Table 6: Australia Retirement Benefits - Rent Assistance Given to Individuals With No Children, 2017 25
Table 7: Australia Retirement Benefits - Rent Assistance Given to an Individual With Children, 2017 25
Table 8: Australia Retirement Benefits - Employee and Employer Contribution under Social Security 27
Table 9: Australia Retirement Benefits - Employee and Employer Contribution 27
Table 10: Australia Death Benefits - Asset Test Threshold for Full Pension, 2017 31
Table 11: Australia Death Benefits - Asset Test Limits for Part Pension, 2017 31
Table 12: Australia Death Benefits - Asset Test Limits for Part Pension, 2017 31
Table 13: Australia Death Benefits - Widow Allowance, 2017 33
Table 14: Australia Death Benefits - Widow B Pension, 2017 34
Table 15: Australia Death Benefits - Widow B Pension Transitional Rates, 2017 34
Table 16: Australia Income Test - Single Pensioners, 2017 36
Table 17: Australia Income Test - Couple Combined, Illness Separated (Couple Combined) Pensioners, 2017 36
Table 18: Australia Income Test - Single Pensioners 36
Table 19: Australia Income Test - Couple Combined, Illness Separated (Couple Combined) Pensioners 36
Table 20: Australia Disability Benefits - Cut-off Points, 2017 37
Table 21: Australia Disability Benefits - Assets Test for Disability Support Pension For Individuals Below 21 years With No Children, 2017 38
Table 22: Australia Disability Benefits - Disability Support Pension for People Aged Below or Above 21 Years of Age With Children, 2017 38
Table 23: Australia Disability Benefits - Disability Support Pension for People Aged Below 21 Years With No Children, 2017 39
Table 24: Australia Sickness Benefits - Sickness Allowance, 2017 42
Table 25: Australia Sickness Benefits - Study Payments, 2017 42
Table 26: Australia Sickness Benefits - Income Support Bonus 43
Table 27: Australia Sickness Benefits - Telephone Allowance, 2017 43
Table 28: Australia PBS Safety Net - Thresholds, 2017 47
Table 29: Australia Workmen Compensation Benefits - Employee and Employer Contributions 51
Table 30: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part A, 2017 58
Table 31: Australia Family Benefits - Energy Supplement Part A, 2017 59
Table 32: Australia Family Benefits - Energy Supplement Part A, 2017 59
Table 33: Australia Family Benefits - Maximum Amount of Family Tax Benefit Part B, 2017 60
Table 34: Australia Family Benefits - Maximum Amounts of Energy Supplement Part B, 2017 60
Table 35: Australia Family Benefits - Parenting Benefits, 2017 60
Table 36: Australia Minimum Resources - Cash Benefits Paid as Youth Allowance, 2017 64
Table 37: Australia Minimum Resources - Cash Benefits Paid as New start Allowance, 2017 65
Table 38: Australia Unemployment Benefits - Cash Benefits for New start Allowance 67
Table 39: Australia Unemployment Benefits - Cash Benefits for Youth Allowance, 2017 68
Table 40: Australia Unemployment Benefits - Cash Benefits at Special Payment Rates 68
Table 41: Australia Unemployment Benefits - Parenting Single Payment 68
Table 42: Australia Private Retirement Benefits - Level of Insurance 70
Table 43: Australia Private Retirement Benefits - Preservation Age 71

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

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