May 19, 2005

Media Release

KiwiSaver good for workers, says union

The country’s largest union is welcoming today’s Budget announcement of a workplace superannuation scheme.

EPMU national secretary Andrew Little said that the KiwiSaver scheme was a good concept which would be welcomed by workers.

“Surveys of our members show that more than 90 per cent believe that workplace superannuation would be an important workplace benefit.” he said.

However, the minimum contribution level of four per cent would put it out of the reach of low-income earners, he said.

“We will be making submissions to the Government on the level of minimum contribution and on the issue of employer contributions.”

Mr Little said that it was good news that the savings could be used for home deposits.

Ends

© Scoop Media