Start benchmarking employee benefits in Australia with this Market and Benchmark Insight Report for Australia – 2022.
Asinta’s Australian Partner CA Financial compiled the information so it is easy to understand and helps you move forward in your decisions about the benefits you will offer Australian employees.
Updates inside the report for 2022 include:
- Superannuation (Mandatory Pension Benefit) – updated numbers throughout for 2022 (p.3).
- Group Superannuation Plan – standard employer contribution of 9.5% increased to 10% (p.5).
- Life and Disability – minimum lives covered increased from 20 to 25 (p.5).
If you are not familiar with Asinta’s market and benchmarking insight reports, the following gives you an idea of what you can expect.
Group Superannuation Plan (Retirement)
It is a requirement to have a Default Group Superannuation plan in place for those who do not have their own personal fund, i.e., Visa holders or graduates.
Larger employers will spend some time (usually with an advisor) selecting the appropriate provider and using economies of scale to obtain better fees, lower insurance premiums, and additional features. age, income levels, and industry will play a role.
There is not typically a cost to the company unless providing contributions above the standard 10%.