All About Offering Employee Benefits in Australia
Hire the best talent in Australia with the information you need to offer a competitive benefits package and stay compliant.
Required Benefits in Australia
Australia has a robust social security system, so offering additional perks can be key to hiring top talent. Justworks EOR offers guidance and access to localized benefits while helping small businesses save time and resources by skipping local entity setup. Let’s explore what employers need to offer.
Social Assistance
In Australia, Medicare, social assistance, is a comprehensive healthcare system that covers doctor visits, hospital treatments, and subsidized prescription medications for eligible residents. Some medical services not covered may be partially reimbursed through employer-sponsored private health insurance if the employer offers it.
Time Off
Full-time employees in Australia are entitled to four weeks of paid annual leave for each year of service. Vacation leave should be paid at the employee’s regular rate unless other agreements have been made in the employment contract.
Superannuation
Superannuation is Australia’s compulsory retirement savings system. Employees contribute part of their earnings to a superannuation fund, typically of their choice, which gets invested. Employers must pay employee super guarantees at least four times per year at a minimum rate of 11% of the employee’s earnings. This percentage is scheduled to increase to 12% on July 1, 2025.
Offer Competitive Benefits
A robust employee benefits package can be a powerful recruitment tool. Consider incorporating the following benefits.
Health Insurance
Private health insurance benefits are not common in Australia, but employers may choose to provide supplemental benefits for services that may not be fully covered by Medicare.
Wellness Programs
Employers may also offer wellness programs to promote employee health and well-being. This may include perks like gym membership stipends, wellness workshops, mental health support, and company-led initiatives to encourage healthy lifestyle choices.
Financial Benefits
Employers may also enhance their employee benefits package with supplemental financial benefits. This can include bonuses, profit-sharing plans, stock options, employee shares, and retirement savings contributions beyond mandatory superannuation contributions.
Employee Assistance Programs
Employee assistance programs provide confidential counseling and support services to employees and their families. Services cover personal and work-related issues like mental health, financial planning, and stress management.
Ready to Offer Benefits in Australia?
Justworks EOR makes building your global team seamless by helping you access localized benefits to attract top talent in Australia. Simplify international hiring today.
