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490,000 older NZers to benefit from Super increase

Hon David Benson-Pope
Minister for Social Development and Employment

Rt Hon Winston Peters
Associate Minister for Senior Citizens

March 28, 2006 / Media Statement

490,000 older New Zealanders to benefit from Super increases

"People receiving New Zealand Superannuation and Veterans Pension will be better off by up to $420 extra a year," Social Development and Employment Minister David Benson-Pope and Associate Minister for Senior Citizens, Winston Peters, announced today.

New Zealand Superannuation and Veterans Pensions will increase by 3.16% from 1 April 2006 following the increase in the cost of living for 2005, as measured by the Consumers Price Index.

“In line with our agreement with New Zealand First, this government is committed to ensuring Superannuation and Veteran Pension rates are not less than 66% of the net average weekly wage from 1 April 2006,” said Mr Benson-Pope.

The newly adjusted rate of New Zealand Superannuation, $406 (after tax at ‘M’) for a married couple from 1 April 2006, is 66.12% of the net average weekly wage (currently $614.07).

"About 490,000 older New Zealanders will benefit from these increases and I'm absolutely delighted that we have delivered this increase to older New Zealanders," said Mr Peters.

The net fiscal cost of increasing New Zealand Superannuation and Veteran’s Pension rates is approximately $44.161 million in 2005/06, $181.256 million in 2006/07, $193.095 million in 2007/08, and $229.105 million in 2008/09. The table below shows the net weekly rates of New Zealand Superannuation and Veteran’s Pension that will be payable from 1 April 2006.

Net (after tax at ‘M rate’) weekly rates of NZ Superannuation and Veteran’s Pension

Rate per person / Rate from 1 April 2005 / Rate from 1 April 2006 / Increase per week / Increase per Annum / % increase

Married Person - Each / $196.78 pw / $203.00 pw / +$6.22 / $323.44 / 3.16%
Married Couple / $393.56 pw / $406.00 pw / +12.44 / $646.88 / 3.16%
Single Person - Sharing / $236.14 pw / $243.60 pw / +$7.46 / $387.92 / 3.16%
Single - Living lone / $255.81 pw / $263.90 pw / +$8.09 / $420.68 / 3.16%

ENDS

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