Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Women in Super Supports Workplace Savings

Women in Super Supports Workplace Savings Initiatives

Women in Super (WIS) welcomes the Government's KiwiSaver initiative announced in last week's budget and looks forward to working through the detail to ensure womens' interests and specific needs are catered for.

Tracey Cross, Chair of Women in Super and a Senior Associate at the trans-Tasman commercial law firm, Phillips Fox, says WIS is particularly encouraged to see the focus on building financial literacy through a funded education programme. However, Ms Cross says it is important that such a programme is readily available to all New Zealanders and not just to those currently in the workplace.

WIS is particularly encouraged to see the following points in the detail currently available, which are of particular relevance and benefit to women:

• a savings scheme available to all permanent employees, which includes those in part-time employment, of which women form a large percentage;

• the ability for the self-employed and beneficiaries to opt into the scheme;

• the ability to take a contribution holiday;

• automatic enrolment;

• deduction at source (the most efficient form of savings); and

• the $1000 kick-start incentive.

"While WIS is pleased to see the availability of withdrawals for hardship and home ownership deposits, we strongly suggest the focus should be on long-term retirement savings," says Ms Cross. "With a minimum contribution rate of 4%, or optional increased rate of 8%, WIS also feels the proposed contribution rates may be onerous for many women, insufficiently flexible to accommodate women's changing circumstances and lower income levels and may be a barrier to many women contributing to such a scheme.

In WIS's opinion, consideration should be given to a tiered contribution rate, similar to that implemented by the State Sector Retirement Savings Scheme."

Ms Cross said WIS was pleased to see the removal of tax on gains on domestic investments in CIV's and supports the taxing of income at individual marginal rates. She says many women are currently disadvantaged by the application in superannuation schemes of a flat tax rate of 33%.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods (is the dollar up or down?) the outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country... More>>




Submissions Summary: The People's Commission On Public Media

This Summary is a preliminary report from the People’s Commission. It brings together views and aspirations of the hundreds of people who made submissions, attended public meetings, filled out the online survey and made speeches to our Panel. More>>

Housing Plans: Protest Over Ihumatao Development

Ihumatao in Mangere, next to the airport in Auckland, holds the archaeological remains of 1000 years of food production; from when Maori first landed in the area, through to early European settler agriculture and right up until today. More>>


Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>


Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

NZ Emissions Up 50% 1990-2013: Report Confirms CLimate Change Impacting NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate. More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: Inland Revenue Steps Back From Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>





Featured InfoPages

Opening the Election