Kiwisaver – what’s the deal?

Many Finsec members have identified Kiwisaver as an important issue going into Saturday’s election. While many Finsec members are members of more generous bank superannuation schemes, large numbers have also joined the 830,000 New Zealanders who have signed up to the Kiwisaver scheme.

So what are the two major parties pledging for Kiwi Saver?

Labour will retain employer and employee contributions at 4 percent, retain the Employer Tax Credit and continue the level of government contribution. National will reduce the minimum contributions from 4 percent to 2 percent, abolish the Employer Tax Credit and reduce the level of government contribution (cuts to member tax credits for those earning under $52,000).

Check out  the CTU’s analysis here:
http://union.org.nz/fairnessatwork/kiwisaver

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