Parliament

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

 

KiwiSaver is working for New Zealanders

13 March 2008 Media Statement

KiwiSaver is working for New Zealanders

New Zealanders across income brackets, age groups, and ethnicities are embracing KiwiSaver according to an evaluation report released today by Finance Minister Michael Cullen and Revenue Minister Peter Dunne.

Inland Revenue’s first six-monthly evaluation report shows that the majority of KiwiSavers have been attracted to the scheme because it provides an opportunity to secure a greater income for retirement. The figures in the evaluation are based on only the first six months of KiwiSaver – there has been a significant shift towards automatic enrolments since the report was completed – but the Ministers said it provided further evidence of KiwiSaver’s success.

“Nearly 500,000 people have joined KiwiSaver – a number that shatters initial expectations,” Dr Cullen said. “The survey data in this evaluation report should be treated with a grain of salt as the sample size is very small.

“However, it seems clear that KiwiSavers are drawn from right across income bands and ethnic groups. I announced yesterday that KiwiSavers are surprisingly young, with over 100,000 under-25s in the scheme.*

“We are also seeing more and more low and medium income workers joining KiwiSaver with the shift towards automatic enrolment. This is a very positive sign. While affordability issues are unsurprisingly a factor for many non-members, KiwiSaver is in fact making it possible for more people to save than ever before.”

“The evaluation also shows that Inland Revenue has on the whole been successful in supporting employers and providers to implement KiwiSaver,” Mr Dunne said. “Awareness of KiwiSaver is very high and people involved are positive about progress to date.

“I want to pay a special thanks to all the employers who are working hard to make the 1 April introduction of employer contributions and tax credits a success. We have some issues to work through, but we are making good progress.”

- The evaluation report uses data for the six months ended 31 December 2007. On Tuesday, the government announced that strong growth in KiwiSaver has continued since that date, with a continued shift towards younger workers, and those who are automatically enrolled and thus more likely to be drawn from a wider range of income brackets.

  • Kiwi Saver evaluation report
  • ENDS

    © Scoop Media

     
     
     
     
     
    Parliament Headlines | Politics Headlines | Regional Headlines

    Back Again: Government Approves TPP11 Mandate

    The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

    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>>

    ALSO:

    .

     
     

    Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

    As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

    ALSO:

    Rail: Greens Back Tauranga – Hamilton – Auckland Service

    The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

    ALSO:

    Housing: Voluntary Rental Warrant Of Fitness For Wellington

    Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

    ALSO:

    Treaty: Agreement In Principle Signed With Moriori

    “The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

    ALSO:

    Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

    Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

    ALSO:

    (Not National): Cross-Party Agreement On Pike River Re-Entry

    The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

    ALSO:

    Earlier:

     
     
     
     
     
     

    LATEST HEADLINES

    • PARLIAMENT
    • POLITICS
    • REGIONAL
     
     

    Featured InfoPages

    Opening the Election
     
     
     
    • PublicAddress
    • Pundit
    • Kiwiblog