21 August 2006
KiwiSaver Changes Will Boost Participation
The Council of Trade Unions believes that changes to the KiwiSaver Bill will boost participation in the scheme.
"In particular, the CTU supports the major change to the Bill to allow employer contributions to count towards the minimum of 4%," CTU economist Peter Conway said. "This will make it easier for unions to work with employers on contributions to KiwiSaver schemes."
"Making deductions from the first pay day will also make it more likely that workers stay in the scheme."
"It is disappointing that there is a further delay of 3 months to July 2007 before implementation but unions are already campaigning on the importance of workplace savings so that as many people as possible can take up the opportunities offered by KiwiSaver."
"It is vitally important that in addition to employer contributions, we see a continuation of wage rises so workers are better able to afford workplace savings."