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From today KiwiSaver will cost you more and save you less
CTU Media Release
1 July 2011
From today KiwiSaver will cost you more and save you less
The Budget cuts to KiwiSaver announced in May come into effect today making it harder for working Kiwi’s to save.
Bill Rosenberg, CTU Economist said “Today, the KiwiSaver member tax credit has been halved and the minimum contributions increased. For many people this will mean they will be putting more into their KiwiSaver accounts, but it won’t be growing any faster. This isn’t the way to incentivise saving.”
“The increased minimum contributions will hit low income families particularly hard at a time when they’re already struggling. The increased cost may make KiwiSaver unaffordable for these families.” said Rosenberg.
“The changes we will see from today give the wrong message about saving and risks discouraging people from saving more,” concluded Rosenberg.
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