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Employee Benefits in Australia 2025

Publisher GlobalData
Published Feb 13, 2025
Length 62 Pages
SKU # GBDT20014296

Description

Employee Benefits in Australia 2025

Summary

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.

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, a superannuation guarantee (SG) 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 (SSS) also supports unemployed people with the new start allowance. People unable to support themselves through work or savings are supported through payments, such as family tax benefit (FTB), supplementary payments, and income support payments. The allocation of payments is based on the means of testing the individual’s income and assets.

Key Highlights
  • The FaHCSIA, The DEEWR, DHS, The Department of Health and Ageing and The Department of Industry, Innovation, Science, Research and Tertiary Education are 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, mandatory retirement planning schemes-Age Pension and Superannuation-meet most of the retirement requirements of its residents. Individuals who seek further security and a larger retirement corpus make voluntary contributions to their Superannuation Funds or invest in other private alternatives, such as business assets, real estate (including owner-occupied dwellings), and other financial and non-financial assets.
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, medical benefits, workmen's compensation insurance, maternity and paternity benefits, Unemployment Benefit, 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

Table of Contents

62 Pages
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
Long-Term Care Benefits
Unemployment Benefits
Leaves and Holidays
7 Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Medical benefits
7.4 Disability Benefits
7.5 Accidental Death and Dismemberment Benefits
7.6 Other Benefits
8 About GlobalData
9 Contact Us
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Australia – Country Statistics, 2025
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, 2025
Table 6: Australia – Retirement Cash Benefits Based on Individual’s Family Status, 2022
Table 7: Australia – Retirement Benefits, Employee and Employer Contribution from 2025
Table 8: Australia – Pension Bonus Bereavement rate, 2025
Table 9: Australia – Disability benefits, disability support pension for people aged below or above 21 with children, 2025
Table 10: Australia – Disability benefits, disability support pension for people aged below 21 with no children, 2025
Table 11: Australia – Medicare Safety Nets thresholds, 2025
Table 12: Australia – Contribution
Table 13: Australia – Parental Leave Paydays, 2025
Table 14: Australia – Parental Leave Reserved for Partners, 2025
Table 15: Australia – Family Benefits, Maximum Amount of FTB Part A, 2025
Table 16: Australia – Family benefits, maximum amount of energy supplement part A, 2025
Table 17: Australia – Family benefits, energy supplement part A, 2025 base rates
Table 18: Australia – Family Benefits, Energy Supplement Part B, 2025 Base Rates
Table 19: Australia – Family benefits, maximum amounts of energy supplement part B, 2025
Table 20: Australia – Family Benefits, Parenting Benefits, 2025
Table 21: Australia – Unemployment benefits, cash benefits for jobseeker payment, 2025
Table 22: Australia – Unemployment benefits, cash benefits for youth allowance, 2025
Table 23: Australia – Unemployment benefits, cash benefits at special payment rates, 2025
Table 24: Australia – Unemployment benefits, parenting single payment, 2025
Table 25: Australia – Fixed National and Public Holidays, 2025
Table 26: Australia – Accidental Death Dismemberment Benefits, 2025

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