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Employee Benefits in Australia 2021

Employee Benefits in Australia 2021

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.

Key Highlights

- The Department of Human Services (DHS) is 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 voluntary superannuation contribution.

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.

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 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.
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Employee Benefits in Australia 2021
Published By :GlobalData
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