Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Air NZ affirms commitment to KiwiSaver

Media Release
12 December 2008

Air New Zealand reaffirms commitment to 4% KiwiSaver contributions

Air New Zealand said today it would continue to match employee contributions of up to 4% to KiwiSaver, despite Government changes to the programme that will halve the compulsory employer contribution.

Air New Zealand was one of the first companies to immediately commit to a 4% contribution match, to encourage its 11,000 staff to join up to the retirement savings plan.

Group General Manager People Vanessa Stoddart said today the removal of the employer tax credit from 1 April next year would cost Air New Zealand $4.5 million a year.

However, employees needed stability in the scheme to allow them to plan their retirement savings with confidence, she said.

“Despite the Government this week reducing the maximum compulsory company contribution to 2%, Air New Zealand remains committed to matching employees’ contributions of up to 4% to KiwiSaver”

While Air New Zealand supported the Government’s moves to make KiwiSaver more affordable for low income earners by reducing the minimum contribution rate to 2%, “from a retirement savings philosophy, Air New Zealand is concerned that the new level of 2% will become the ‘de facto’ savings level for many New Zealanders – a savings level that may provide an inadequate level of income in retirement,” Ms Stoddart said.

 “We would like to see the tax exemption on employer contributions restored to 4%, to encourage more employees and employers to maintain their contribution at this higher level.”

More than 4000 Air New Zealand staff have already signed up as KiwiSaver members, increasing the percentage of staff participating in company retirement saving schemes from 50% to more than 70%.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>