For Australian employees, superannuation (retirement pension) is the most discussed benefit. It is compulsory, and as such very important, but having benefits that keep the family’s well being in mind is also highly valued. This includes education programs or family health coverage.
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When asked to rank five common benefits in order of importance, the average Australian employee will respond with: Superannuation, Lump Sum Death and Disability Coverage, Long Term Disability Cover of Salary Continuance, Health Insurance, and Education and Support. Note that Australians really appreciate non-traditional benefits such as work/life balance, discounted health insurance, and furthering education.
There is a move to Fee for Service for the engagement of employee benefit services consulting. There is also more consideration being given to group healthcare plans (although slow at present), wellness programs and work/life balance — especially with the growing awareness of the importance of mental health.
Average Cost For Employer Sponsored Benefits
The average cost on top of the legislated 9.5% paid to the Australian superannuation environment (retirement pension), which is seen as a standard employee cost, is roughly around 600 Australian Dollars per month if family health cover and tailored servicing (senior level employee) is included. A mid-level employee benefit package with possible health subsidies, standard personal insurances and group service would be about 200-300 Australian Dollars per month.
Advice To Employers
Start with your company’s image and marketing, and how you want to be perceived by employees and the marketplace. Only then start looking at product solutions.
Superannuation is highly complex which is often surprising. The cost of group health cover is complex because it attracts fringe benefits tax in Australia.