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

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news