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


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%


© 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


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>>


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>>


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>>


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>>


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>>


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>>


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>>




Featured InfoPages

Opening the Election