Parliament

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

 

All Kiwis to have a nest egg under Labour

All Kiwis to have a nest egg under Labour

A Labour government will ensure all New Zealanders have a long-term nest egg and help them grow their KiwiSaver pool by an average of $150,000, Labour Leader David Cunliffe says.

“Today I am outlining how Labour’s universal KiwiSaver policy will address New Zealand’s chronically low saving rates.

“Under a Labour government all employees aged between 18 and 65 – with the exception of students, beneficiaries and the self-employed – will be automatically enrolled in KiwiSaver. The opt-out provision will be removed.

“Labour will retain the $1000 kick-start and government contribution of up to $521 a year. We will also increase the employer and employee minimum contribution rates gradually by 0.25 per cent a year over six years; rising from the current 3 per cent each to 4.5 per cent in 2021.

“Labour will use variable KiwiSaver contributions as a way to control inflation rather than just relying on interest rates so people will pay more into their savings rather than in higher mortgage interest rates.

“These changes mean a 30-year-old on an average income of $50,000 who joined KiwiSaver before universality will have over $150,000 or around 40 per cent more in KiwiSaver when they retire. Three-quarters of this increase will come from higher employer contributions and larger returns on investments.

“This process will bring around half a million more New Zealanders into KiwiSaver. Most of those are low income earners who are missing out on getting their fair share of government contributions. These workers will have higher incomes after Labour raises the minimum wage and the ramp up of their employee contribution will be slower.

“Universal KiwiSaver is a no-brainer. It will not only make the lives of all retired Kiwis better, it will increase our savings pool so our companies can access capital to grow their businesses. This means New Zealand will borrow less from offshore and keep our profits in Kiwi hands,” David Cunliffe says.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog