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

 


2.15 million people sign up as KiwiSaver continues to grow

2.15 million people sign up as KiwiSaver continues to grow

Revenue Minister Todd McClay today released the sixth KiwiSaver evaluation annual report which showed continued steady growth for the retirement scheme in the 2012-13 year.

“The number of people enrolled in KiwiSaver had reached 2.15 million members by the end of June this year, and it is especially pleasing to see that there was continued growth in membership across the population groups. Over half of the eligible population are now members and this included 72 per cent of 18 to 25 year olds”, says Mr McClay.

“The growth in membership shows that the programme continues to be popular with New Zealanders saving for their retirement and the number of people opting-out of KiwiSaver (and remaining out of the scheme) was lower compared to previous years”.

The report shows that in the 2012-13 year, 61 per cent of members proactively opted into the programme and this demonstrates the flexibility which the scheme offers to members or people wanting to join. People can choose from the wide range of schemes available and they continue to gain the incentives of the member tax credits and the kick-start payments to help them on their way.

“The number of people choosing their own scheme has increased since KiwiSaver began and 5,800 people also used their funds to help them buy their first home during this period as well. Younger people and first home buyers especially continue to benefit from the first home incentives”, says Mr McClay. KiwiSaver continues to be an increasing part of the managed funds market and the value of KiwiSaver funds under management was $16.6 billion, representing about 19 per cent of the managed funds market.

“It is great to see that KiwiSaver schemes continue to invest heavily in the local market make it easier for people to save and boosting our economy. This is a win - win for New Zealanders,” says Mr McClay. The report can be found on the Inland Revenue website (www.ird.govt.nz).

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Anzac Issue Out Now: Werewolf 47

Hi and welcome to the 47th edition of Werewolf, published on the eve of Anzac Day. Its become a cliché to describe Gallipolli as the crucible of this country’s identity, yet hold on... Isn’t our national identity supposed to be bi-cultural... and wouldn’t that suggest that the New Zealand Wars of the 19th century is a more important crucible of national identity than those fought on foreign soil?

Yet as Alison McCulloch eloquently reveals in this month’s cover story, New Zealand devotes a mere fraction of its attention span and funding resources to commemorating the New Zealand Wars compared to what it devotes to the two world wars, Vietnam and Afghanistan... More>>

 

Parliament Today:

Crowdsourcing: Green Party Launches Internet Rights And Freedoms Bill

The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand’s first ever Bill crowdsourced by a political party. More>>

ALSO:

Gordon Campbell: On The Shane Jones Departure

Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and with the interests of the Labour Party (under whose banner he served) way, way back down the track. More>>

COMMENT:

Multimedia: PM Post-Cabinet Press Conference - April 22 2014

The Prime Minister met with reporters to discuss: • The recent improvement in the economy with a growing job market • Income and wealth inequality • Easter trading laws • The New Zealander killed in a drone strike in Yemen... More>>

Easter Trading: Workers 'Can Kiss Goodbye To Easter Sunday Off'

The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. More>>

ALSO:

ACT Don't Go For Maximum Penalty: Three Strikes For Burglary, Three Years Jail

Three strikes for burglary was introduced to England and Wales in 1999. As in New Zealand, burglary was out of control and given a low priority by the police and the courts. A Labour government passed a three strikes law whereby a third conviction for burglaries earned a mandatory three years in prison... More>>

ALSO:

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home. More>>

ALSO:

Elections: New Electorate Boundaries Finalised

New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. More>>

ALSO:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Bad Transnationals: Rio Tinto Wins 2013 Roger Award

It won the 2011 Roger Award and was runner up in 2012, 2009 and 08. One 2013 nomination said simply and in its entirety: “Blackmailing country”... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news