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


KiwiSaver breaks through 800,000 mark

Friday 19 September 2008

KiwiSaver breaks through 800,000 mark

The number of New Zealanders saving for their future through KiwiSaver has passed 800,000, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

At 13 September, the number of KiwiSavers stood at 800,213.

“With nearly 30 per cent of KiwiSavers under the age of 25, it is clear that New Zealand is experiencing a significant positive change in its personal savings culture and that is good news for young KiwiSavers and for our entire economy,” Dr Cullen said.

"Participation in workplace savings is quickly becoming the norm in New Zealand and that is a positive development as our country's household savings performance has been weak for many years.

"Strengthening personal savings will deliver higher living standards for KiwiSavers when they reach retirement and it will also make our economy more resilient and less vulnerable to any adverse overseas market developments beyond our country's control in the future," Dr Cullen said.

Peter Dunne said employers and workers can be congratulated for their efforts to make KiwiSaver a success.

“A big factor behind KiwiSaver’s success is the willingness of employers and of working people to take the time to learn about the scheme and be patient as we have worked through initial teething problems,” Peter Dunne said.

Mr Dunne said that a current breakdown of the KiwiSavers indicates that:
- 383,388 actively chose a provider and went directly to a scheme to enrol;
- 125,424 actively chose to join KiwiSaver and enrolled via their employer;
- 291,401 new employees were automatically enrolled by their employer.
These figures are net of opt-outs and accounts that have closed. Demographic data indicate that 61 per cent of people joining KiwiSaver are younger than 45. Members under 25 years of age are 29 per cent of the total. Enrolment figures by gender are generally even, with 51 per cent female and 48 per cent male.


© 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>>




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>>


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>>


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>>


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>>


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>>


(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>>






Featured InfoPages

Opening the Election