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KiwiSaver's arm twist potentially a win win

Thursday, 24 August 2006,

KiwiSaver's arm twist potentially a win win

KiwiSaver is good step on the way to a better savings record for New Zealanders, the Employers & Manufacturers Association (Northern) said.

"Changes to KiwiSaver from the Select Committee, and by Finance Minister Cullen subsequently, mean it could be a win win for both employers and employees," said David Lowe, EMA's Manager of Employment Relations Services.

"The scheme is likely to be something of an arm twist by employees on their employers to contribute, or to convert their current scheme to it, so employees can access the tax free incentive to save.

"Employers may choose to offer the scheme to their employees as part of their future pay discussions to take advantage of the tax exemption.

"However converting from an existing scheme will require employers to run something of a bureaucratic gauntlet.

"With KiwiSaver in place employees should expect to have employer contributions to their savings to become part of any pay increase, not in addition to it, and for those employees who have been unable to save previously that is a tall order.

"Before business gives the scheme full support, we need to have clarified that it will be exempt from all taxes including FBT and capital gains."

ENDS

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