|
Superannuation In Australia
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. Currently set at 11.5%, from 1 July 2025, the mandatory minimum "guarantee" contribution is 12%. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992. Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their earned income sent to a superannuation account is less than the income tax on earned income sent to their bank account. Australians c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", where defined periodic payments are made in retirement and the sponsor of the scheme (e.g. the employer) must make further payments into the fund if necessary to support these defined retirement payments, or a " defined contribution plan", under which defined amounts are paid in during working life, and the retirement payments are whatever can be afforded from the fund. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms " retirement plan" and " superannuation" tend to refer to a pension granted upon retirement of the individual; the terminolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fringe Benefit
Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to an employee by an employer in addition to their normal wage or salary. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a " salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing (employer-provided or employer-paid) furnished or not, with or without free utilities; group insurance (health, dental, life, etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and unpaid); social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits. The purpose of em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Howard Government
The Howard government refers to the Government of Australia, federal executive government of Australia led by Prime Minister John Howard between 11 March 1996 and 3 December 2007. It was made up of members of the Liberal Party of Australia, Liberal–National Party of Australia, National Coalition (Australia), Coalition, which won a majority of seats in the Australian House of Representatives, House of Representatives at four successive elections. The Howard government commenced following victory over the Keating government at the 1996 Australian federal election, 1996 federal election. It concluded with its defeat at the 2007 Australian federal election, 2007 federal election by the Australian Labor Party, whose leader Kevin Rudd then formed the first Rudd government (2007–2010), Rudd government. It was the second-longest government under a single prime minister, with the longest having been the second Menzies government (1949–1966). Two senior ministers served in single r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Australia
Australia is a Developed country, highly developed country with a mixed economy. As of 2023, Australia was the List of countries by GDP (nominal), 14th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by Purchasing power parity, PPP-adjusted GDP, and was the List of countries by exports, 21st-largest goods exporter and List of countries by imports, 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion. The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Population Ageing
Population ageing is an overall change in the ages of a population. This can typically be summarised in a single parameter as an increase in the median age. Causes are a long-term decline in fertility rates and a decline in mortality rates. Most countries now have declining mortality rates and an ageing population: trends that emerged first in developed countries but are now also seen in virtually all developing countries. In most developed countries, population ageing started in the late 19th century. By the late 20th century, the world population as a whole was also ageing. The proportion of people aged 65 and above accounts for 6% of the total population. This reflects a historic overall decline in the world's average fertility rate. That is the case for every country in the world except the 18 countries designated as "demographic outliers" by the United Nations. The aged population is currently at its highest level in human history. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overhead (business)
In business, an overhead or overhead expense is an ongoing expense of operating a business. Overheads are the expenditure which cannot be conveniently traced to or identified with any particular revenue unit, unlike operating expenses such as raw material and labor. Overheads cannot be immediately associated with the products or services being offered, and so do not directly generate profits. However, they are still vital to business operations as they provide critical support for the business to carry out profit making activities. One example would be the rent for a factory, which allows workers to manufacture products which can then be sold for a profit. Such expenses are incurred for output generally and not for particular work order; e.g., wages paid to watch and ward staff, heating and lighting expenses of factory, etc. Overheads are an important cost element, alongside direct materials and direct labor. Overheads are often related to accounting concepts such as fixed costs and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business
Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy. The qualifications vary depending on the country and industry. Small businesses range from fifteen employees under the Australian ''Fair Work Australia, Fair Work Act 2009'', fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can be classified according to other methods, such as annual revenues, shipments, sales, assets, annual gross, net revenue, net profits, the number of employees is one of the most widely used measures. Small businesses in many countries include service or retail operations such as convenience sto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prices And Incomes Accord
The Prices and Incomes Accord (also known as The Accord, the ALP–ACTU Accord, or ACTU–Labor Accord) was a series of agreements between the Australian Labor Party (ALP) and the Australian Council of Trade Unions (ACTU), in effect from 1983 to 1996. Central to these agreements was an incomes policy to address the stagflation crisis by restraining wages. The unions agreed to limit their wage demands and assist in Microeconomic reform, microeconomic reforms, and in exchange, the government provided a 'social wage' of welfare and tax cuts. The Accord brought major changes to the Australian economy and continued throughout the entire period of the Hawke–Keating government. Two major outcomes were the reintroduction of universal public healthcare and the extension of superannuation coverage. The economic outcomes are difficult to gauge, but economic growth and inflation improved over this time period while trade union membership declined. Background The Accord aros ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Union
A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and Employee benefits, benefits, improving Work (human activity), working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting and increasing the bargaining power of workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called ''union dues''. The union representatives in the workforce are usually made up of workplace volunteers who are often appointed by members through internal democratic elections. The trade union, through an elected leadership and bargaining committee, bargains with the employer on behalf of its members, known as t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Labour Movement
The Australian labour movement began in the early 19th century and since the late 19th century has included industrial (Australian unions) and political wings (Australian Labor Party). Trade unions in Australia may be formed on the basis of craft unionism, general unionism, or industrial unionism. Almost all unions in Australia are affiliated with the Australian Council of Trade Unions (ACTU). Many unions have undergone a significant process of amalgamations, especially in the late 1980s and early 1990s. The leadership and membership of unions hold and have at other times held a wide range of political views, including socialist, democratic and right-wing views. According to ABS figures, in August 2013, there were 1.7 million members of trade unions in relation to their main job (17% of all employees). A further 4% did not know whether they were trade union members or not, while 1% were trade union members not in conjunction with their main job. Of those who were a trade union m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Award
A modern award (or award previously known as an "industrial award") is a ruling in Australian labour law of the national Fair Work Commission (or its predecessor) or by a state industrial relations commission which grants all wage earners in one industry or occupation the same minimum pay rates and conditions of employment such as leave entitlements, overtime and shift work, as well as other workplace-related conditions. The national awards, with the National Employment Standards, provide a minimum safety net of terms and conditions of employment for all national system employees. The pay rates are often called award wages or award rates. Awards in Australia are part of the system of compulsory arbitration in industrial relations. History Federal awards in Australia were stripped back to number 122 under the Abbott government, to promote the Enterprise Bargaining Agreement system. A similar system was also used in New Zealand prior to the '' Labour Relations Act 1987''. Ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
