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 First Time Voting (Greens)

For the last two days, I’ve turned my column over to a couple of guest columnists who are first time voters. They’ve been asked to explain why they were voting, for whom and what role they thought their parental upbringing had played in shaping their political beliefs ; and at the end, to choose a piece of music. Today’s guest columnist is Ana Avia-O’Connor, who will be casting her first time vote on Saturday for the Greens.

If I didn’t know any better, it would seem the world has conspired for me to be a Green Party voter. Parents, Green voters? Check. Participation in bilingual education that stressed the importance of inquiry, solidarity and the Treaty? Check. Some sort of vegetarian leanings (seven years and counting, jus’ sayin’)? Check. However, above all of that, I’m voting Green because I believe in supporting the importance of every New Zealander’s contribution to Aotearoa, from the hairdresser in Foxton to the fisherman in Bluff. You could say that I like the cut of the Greens’ jib. More>>

 

Parliament Today:

Big March: Call For An End To Domestic Violence

Hundreds of protesters marched down Lambton Quay to Parliament Monday calling for an end to domestic violence. Wearing white facemasks, waving banners and calling for “safety” for the women and children of New Zealand.. More>>

ALSO:

Meddling: Aussie Liberals Embroiled In Key Campaign

John Key needs to explain why Australia’s Liberal Party is interfering in New Zealand domestic politics and is encouraging Kiwi voters across the ditch to vote for National just days out from the election, Labour’s campaign spokesperson Annette King says. More>>

ALSO:

SURVEILLANCE:

Election Ad Soundtrack: Rapper Eminem Sues National Party Over Copyright Breach

US rapper Eminem is suing the New Zealand National Party for alleged copyright infringement over unauthorised use of the rapper’s ‘Lose Yourself’ song in an election campaign advertisement. More>>

ALSO:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Gordon Campbell:
On National’s Phantom Tax Cut Package

Hmmm. So National’s tax cuts package turns out to be one of those television advertisements that screams a headline promise – perfect skin! a youth tonic that works! – while in very small print there’s an out clause: special conditions may apply. More>>

ALSO:

Water: New Marine Reserves On West Coast Opened

Five new marine reserves were officially opened by Conservation Minister Dr Nick Smith on the West Coast of the South Island to protect a range of marine ecosystems for conservation, science and recreation. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news