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 fi
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- 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 Individual’s Family Status, 2017 24
- Table 5: Australia Retirement Benefits - Transitional Retirement Cash Benefits Based on the Individual’s Family Status, 2017 24
- Table 6: Australia Retirement Benefits - Rent Assistance Given to Individuals With No Children, 2017 25
- Tab
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- 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
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