Prime Minister Christopher Luxon says, if re-elected next year, the National Party will increase KiwiSaver default contribution rates to 12% by 2032, matching Australia.<\/p>\n
Here’s National’s announcement.<\/p>\n
National to lift KiwiSaver contributions<\/p>\n
A National Government elected next year will ensure Kiwis are more financially secure in retirement by gradually increasing KiwiSaver contributions to match Australia\u2019s 12 per cent rate, National Leader Christopher Luxon says.<\/p>\n
\u201cFinancial security for retired people comes through\u00a0home ownership and supplementing New Zealand Superannuation with\u00a0long-term savings. KiwiSaver supports both of those, so National will strengthen it further,\u201d Mr Luxon says.\u00a0<\/p>\n
\u201cIn Government, we are already lifting the default rate of KiwiSaver contributions for employers and employees from 3 per cent to 4 per cent by 1 April 2028.<\/p>\n
\u201cBut even after those changes, KiwiSaver contributions would\u00a0be much\u00a0lower than the equivalent scheme in Australia. For Kiwis working in New Zealand, that means smaller KiwiSaver balances and less financial security than friends or family working and saving in Brisbane, Sydney or Melbourne.\u00a0<\/p>\n
\u201cSmaller retirement balances present a challenge for New Zealand as a whole, too, as we rely more on investment from offshore to fund the infrastructure, start-ups, and housing we need to grow our economy, create jobs and lift incomes.\u00a0\u00a0<\/p>\n
\u201cIf we\u2019re serious about building the future, and I am, it\u2019s time to\u00a0aim higher.\u201d\u00a0<\/p>\n
If\u00a0elected\u00a0next year,\u00a0National will continue to increase\u00a0default contribution rates by 0.5 per cent\u00a0from 1 April 2029, rising by 0.5\u00a0per cent\u00a0a year until 1 April 2032, to\u00a0achieve\u00a0a 6\u00a0per cent\u00a0contribution each from\u00a0employers and employees.<\/p>\n
That will mean a combined rate of 12\u00a0per cent\u00a0by\u00a02032, matching Australia.<\/p>\n
\u201cFor a 21-year-old earning $65,000 a year today, these changes would mean they retire with a KiwiSaver balance of around $1.4 million, around $400,000 more than they would have with the Budget 2025 contribution settings,\u201d Mr Luxon says.<\/p>\n
\u201cIf you\u2019re a New Zealander who does the right thing by working hard and saving for the future, you deserve to get ahead. National backs you every step of the way.\u201d<\/p>\n
And here’s a KiwiSaver fact sheet released by National.<\/p>\n","protected":false},"excerpt":{"rendered":"Prime Minister Christopher Luxon says, if re-elected next year, the National Party will increase KiwiSaver default contribution rates…\n","protected":false},"author":2,"featured_media":149674,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-149673","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/149673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=149673"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/149673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/149674"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=149673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=149673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=149673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}