Superannuation

“Further reading of National’s economic management plan shows alongside National’s plans to cut employer contributions to 2 per cent and abolish the employer tax credit, it will also cut the government contribution (member tax credit) to 2 per cent, leaving many workers earning under $52,000 much worse off.”

"The National Party tax policy does nothing to address New Zealand’s low wage problem and significantly discourages long term savings.  Axing KiwiSaver to pay for tax cuts is not a serious economic plan,” CTU Economist Peter Conway said.

The CTU has slammed the Northern Employers and Manufacturers Association’s campaign to stop an amendment to the law that will ensure workers get their fair share of KiwiSaver entitlements.  In a very small number of cases employers are making workers pay both their own and the employer’s contributions out of their pay.  

The Council of Trade Unions has welcomed moves to amend employment law to ensure workers get their fair share of KiwiSaver entitlements. 

“New Zealanders have shown a strong interest in KiwiSaver, with over 700,000 members joining since the scheme started last year,” CTU president Helen Kelly said. 

“After confirmation workers in small businesses will be able to be fired unfairly in the first 90 days, now a National MP has said that KiwiSaver employer contributions need ‘adjusting’ for small businesses,” Council of Trade Unions president Helen Kelly said today.

The Unionist this week covers the confusion surrounding the National Party's stance on KiwiSaver, the call from the public service union for a reality check on tax cuts and social spending, proposed new work rights covering meal and breastfeeding breaks and climate change.

The first comprehensive report on KiwiSaver shows it has been a great success with the numbers joining exceeding expectations, CTU Economist Peter Conway said today.

“The report does note however that the greatest reason given for those deciding not to join is affordability, and that KiwiSaver members have higher incomes than non-members.”

The Council of Trade Unions is pleased to see that one of its main recommendations to the Select Committee has been picked up in relation to amendments to the KiwiSaver Act, CTU Economist Peter Conway said today.

The latest figures on KiwiSaver enrolments are encouraging, the Council of Trade Unions said today, following an announcement that 212,794 people had joined a KiwiSaver scheme.

“The figures don’t show us as yet the average income level of those signing up to KiwiSaver though, and it will be important to assess this information also,” CTU economist Peter Conway said.

“KiwiSaver is an historic watershed and the enhancements in this year’s Budget will mean a huge boost for the income levels of workers in retirement,” Council of Trade Unions president Ross Wilson told a select committee this morning.