Employee benefits in Australia
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Summary
Tax Considerations
Explainer Guides
This document has been prepared to give guidance on the employee benefits market. The information contained in this report is updated regularly based upon changes in legislation and market trends, however we cannot guarantee that it is always fully up to date and therefore if using this report to inform decision making we would always recommend that you seek independent advice, be that tax, labour law, or general consultancy support.
Employee benefits in Australia
Discover the ins and outs of employee benefits in Australia. From healthcare to retirement plans, we've got you covered.
Quick Overview
Benefits Summary
Benefits coverage standards can differ greatly across countries. The table below shows what statutory, market standard and great coverage look like for each benefit.
Public health services
Basic dental and vision covered by public health
Private healthcare
Single cover from $1,300 (basic) to $4,000
(comprehensive)
Family cover from $2,700 (basic) to $9,200
(comprehensive)
Private dental and vision plan
EAP or Mental health stipend
Gym or health club memberships or discounts
Private plan: All staff and dependants covered at employer’s expense
Travel Insurance
Comprehensive medical plan
Social Sports club membership
Sports equipment loan
Minimal covered by Superannuation plan - premiums are typically around 0.5% to 0.8% of salary
Private plan: 3x basic salary
Private plan: 4x basic salary
Minimal covered by Superannuation plan Private plan: premiums are typically around 0.5% to 0.8% of salary
75% of salary plus 10% of the superannuation benefit
2 or 5 year benefit period
Premium costs are typically between 0.8% and 1.2%
of payroll
75% salary plus 10% superannuation benefit with a 90-day wait and payment to age 65
Required employer contribution 10%
Selected provider plan
Market leading Super Fund with high levels of flexible insurance
$500-1000 for further education, conferences and books
Unlimited budget for work related training
In office snacks and beverages
Weekly happy hours/socials
Meal expenses covered
Free breakfast/lunch
Additional employee pension contribution
Charitable donation matching
WFH allowance
New technology
Company car
Fuel allowance
Childcare stipend or allowance
Relocation budget
Employee stock options
Policies Summary
Policy coverage standards can differ greatly across countries. The table below shows what statutory, market standard and great policy coverage look like for each benefit.
20 paid holidays
8 National public holidays plus local holidays
30 days
8 National public holidays plus local holidays
10 paid days for individual or caring responsibilities
15 days paid
20 days for individual and caring responsibilities
12 months unpaid
The PLP scheme:
18 weeks pay at the national minimum wage
18 weeks at full salary
Additional time off/half pay
5 unpaid days
2 weeks at national minimum wage
6 weeks at full salary
Study leave
Flexible hours
Work abroad for a time
Volunteering days
Mental health days
Paid study leave