Reserve Bank members win 2% KiwiSaver subsidy

 Kiwi in Doubtfull sound ;-) Finsec members have just reached a settlement with the Reserve Bank after two days of positive negotiations. The new two-year agreement will see a pay rise of 3% in the first year and 3.5% in the second.

A feature of the agreement is that the bank will lead the finance sector by introducing a 2% subsidy, worth about $1000 in employer contributions, for Finsec members who opt into KiwiSaver.

KiwiSaver is a government initiated retirement savings scheme that starts on 1 July. It begins with a $1,000 tax-free contribution from the government. Anyone aged 18-65 will be able to join a KiwiSaver scheme. They can contribute either 4% or 8% of their gross wage or salary to KiwiSaver, and employers (such as the Reserve Bank) have the option to pay some of that 4% 0r 8% through an employer subsidy. Workers will also be able to use their KiwiSaver savings as a deposit to help purchase a first home.

(Dank je wel Jukkie voor de foto)

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union@finsec.org.nz
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