Australia Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits

Australia Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update

Summary

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; 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 benefits, 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 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.

Key Highlights

  • The Department of Human Services (DHS), Department of Education, Employment and Workplace Relations (DEEWR), FaHCSIA, and the Department of Industry, Innovation, Science, Energy, and Resources are the organizations 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, employers provide voluntary retirement benefits to their employees through superannuation.
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, 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


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
Introduction
Eligibility
Benefits
Payment options
Contribution
6.2 Death in Service
Introduction
Eligibility
Benefits
Payment options
Contribution
6.3 Long-Term Disability Benefits
Introduction
Eligibility
Benefits
Payment options
Contribution
6.4 Short-Term Sickness Benefits
Introduction
Eligibility
Benefits
Payment options
Contribution
6.5 Medical Benefits
Introduction
Eligibility
Benefits
Payment options
Contribution
6.6 Workers’ Compensation insurance
Introduction
Eligibility
Benefits
Payment options
Contribution
6.7 Maternity and Paternity Benefits
Introduction
Eligibility
Benefits
Payment options
Contribution
6.8 Other Benefits
Family Benefits
Unemployment benefits
Long - term care Benefits
Minimum Resources Benefits
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
7.6 Other Benefits
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List of Tables
Table 1: Insurance Industry Definitions
Table 2: Australia - Country Statistics, 2020
Table 3: Australia - Retirement Age (Social Security)
Table 4: Australia - Retirement Age (Superannuation)
Table 5: Australia - Retirement Cash Benefits Based on Individual’s Family Status, 2022
Table 6: Australia - Retirement Cash Benefits Based on Individual’s Family Status, 2022
Table 7: Australia - Retirement Benefits, Employee and Employer Contribution
Table 8: Australia - Pension Bonus Bereavement rate, 2022
Table 9: Australia - Disability Benefits, Disability Support Pension for People Aged Below or Above 21 Years of Age With Children, 2022
Table 10: Australia - Disability Benefits, Disability Support Pension for People Aged Below 21 Years With No Children, 2022
Table 11: Australia - Retirement Cash Benefits Based on Individual’s Family Status, 2022
Table 12: Australia - Family Benefits, Maximum Amount of Family Tax Benefit Part A, 2022
Table 13: Australia - Family Benefits, Maximum amount of Energy Supplement Part A, 2022
Table 14: Australia - Family Benefits, Energy Supplement Part A, 2022 Base Rates
Table 15: Australia - Family Benefits, Energy Supplement Part B, 2022 Base Rates
Table 16: Australia - Family Benefits, Maximum Amounts of Energy Supplement Part B, 2022
Table 17: Australia - Family Benefits, Parenting Benefits, 2022
Table 18: Australia - Unemployment Benefits, Cash Benefits for Jobseeker Payment, 2022
Table 19: Australia - Unemployment Benefits, Cash Benefits for Youth Allowance, 2022
Table 20: Australia - Unemployment Benefits, Cash Benefits at Special Payment Rates, 2022
Table 21: Australia - Unemployment Benefits, Parenting Single Payment, 2022
Table 22: Australia - Fixed National and Public Holidays, 2022
Table 23: Australia - Accidental Death Dismemberment Benefits, 2022
List of Figures
Figure 1: Australia - Main Institutions of Social Security System

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