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Kiwisaver will bring greater security for workers

28 February 2006

Kiwisaver will bring greater security for workers says CTU

The Council of Trade Unions says the government's Kiwisaver scheme is a positive initiative that will bring considerable benefit to workers, following the tabling of the Kiwisaver bill in Parliament today.

"Kiwisaver will bring greater security for workers as they plan for their retirement," said Peter Conway, Council of Trade Unions Economist. He said he hopes that employers will assist with the roll out of the scheme particularly to new workers.

"The modest provisions to help first home owners are also welcome," said Peter Conway. "Workers' wage movements have been dwarfed by housing affordability, with house price increases of over 50% in 3 years compared with private sector wage increases of around 8% in that period."

"This also shows that wages must continue to rise, so that a 4% contribution is affordable for many more workers than is currently the case," said Peter Conway. "We also need to see employers' contributions to workplace superannuation increase."

"Kiwisaver also promotes more domestic savings in the New Zealand economy, which will help investment in local companies."

The CTU will be considering the Kiwisaver Bill and making submissions on it at select committee.


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