Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Another big tick for the Govt's policy approach

27 May 2005
Media Statement

Another big tick for the government’s policy approach

Finance Minister Michael Cullen today welcomed a World Bank report on pension provision saying it showed New Zealand, under this government’s leadership, was at the cutting edge in terms of superannuation policy.

The report – Old Age Income Support in the 21st Century – says both developed and developing countries are facing growing demographic and economic pressures on their pension systems and outlines a ‘multi-pillar’ framework for reform.

Dr Cullen said the Labour-led government had a strong record in ensuring security in retirement and that the initiatives it had put in place, including the KiwiSaver scheme announced in the budget, were in line with the multi-faceted approach recommended by the World Bank.

The Bank recommends a basic “social pension” supported by some form of pre-funded or “contributory system” and supplemented at the individual level by “voluntary [saving] arrangements” and at the societal level by such services as access to housing and health care.

“The government has delivered on all these fronts through the restoration of the 65 per cent wage floor for New Zealand Superannuation and through the establishment of the New Zealand Superannuation Fund to partially pre-fund the scheme’s future costs.

"We are encouraging private savings not only through KiwiSaver but also through the State Sector Retirement Savings Scheme set up last year for public sector employees. We have also strengthened investment in public services for the elderly and for other New Zealanders across successive budgets.

“And we are paying down debt and building up assets so that New Zealand is well-placed fiscally to cope with the challenges of an aging population,” Dr Cullen said.

“All of this would be at risk under National’s borrow and hope politics.

“It is saying it would maintain the New Zealand Superannuation Fund but that has to be in doubt given that it would take the country into fiscal meltdown through its $2 billion plus tax cutting programme and its reckless spending promises especially in such areas as transport, defence and justice.

“Similarly, National is saying that it will drop the $1000 upfront government contribution to people saving through a KiwiSaver account which would remove an important incentive for lower income earners,” Dr Cullen said.

EBNDS

The World Bank report can be accessed at www.worldbank.org/pensions/

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Decision Day: Peters Chooses Labour

Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.

Peters said he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues

He said economic and monetary policy changes were needed to face a coming economic downturn.>>>More

Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election