Identifying and definitional attributes | |
Metadata item type: | Data Element Concept |
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METEOR identifier: | 269801 |
Registration status: | Health, Standard 01/03/2005 |
Definition: | Contributions paid or (for an emerging cost scheme) that should be paid (as determined by an actuary) on behalf of establishment employees either by the establishment or a central administration such as a state health authority, to a superannuation fund providing retirement and related benefits to establishment employees. The following different funding bases are identified:
Fully funded schemes are those in which employer and employee contributions are paid into an invested fund. Benefits are paid from the fund. Most private sector schemes are fully funded. Emerging cost schemes are those in which the cost of benefits is met at the time a benefit becomes payable; that is, there is no ongoing invested fund from which benefits are paid. The Commonwealth superannuation fund is an example of this type of scheme as employee benefits are paid out of general revenue. |
Context: | Health expenditure: Superannuation employer contributions are a significant element of establishment expenditure and, as such, are required for health expenditure analysis at the national level. The funding basis is required for cost comparison purposes particularly in the case of unfunded or emerging cost schemes where no actual contribution is being presently made but ultimately employer liability will have to be funded. |