Benchmarking Employee Benefits in Australia for 2020
Request Asinta’s Market and Benchmark Insight Report for Australia and get the essential information you need to move forward in your decisions about employee benefits in the country. The report reviews statutory benefits, insured benefits, fringe benefits and perks, plan setup, and onboarding.
The following is an excerpt.
Superannuation, or retirement, is a mandatory benefit in Australia and is subject to legislative requirements. Employers must follow the ‘Choice of Fund’ legislation or automatically enroll eligible employees into a complying superannuation scheme.
The legislated minimum is currently 9.5% up to a maximum quarterly salary of $55,270 (i.e., contribution of $21,002.60 p.a.). Furthermore, employees can elect to salary sacrifice pre-tax dollars into the fund (up to yearly limits).
The numbers shown above are minimum requirements and serve as an illustration. Most employers base their contribution strategy on industry norms and benchmarking data, which can vary from sector to sector.
If you need support with your employee benefits in Australia, please contact Asinta, and we will put you in touch with CA Financial Services.