KiwiSaver is a voluntary, work-based savings initiative to help New Zealanders with their long-term saving for retirement.
It's designed to make it easy for people to get into the habit of saving regularly.
Effective from 1 April 2009, changes were made to the KiwiSaver Scheme. These changes are:
- The Compulsory Employer Contribution maximum has changed from 4% to 2%.
- The maximum employee contribution rate has changed from 4% to 2% of the employees gross pay
- The Default employee contribution rate at sign up time is now 2% (previously 4%)
- The $40 annual subsidy fee ceases
- Voluntary employer contributions will be liable for employer superannuation contribution tax.
Please contact us if you would like help to understand how these changes affect you personally and your business - if applicable.