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KiwiSaver Numbers Surge Past 300,000,
by Carla Johnson, Investors Offshore.com, London
Friday, December 28, 2007
The number of people joining the KiwiSaver scheme continues to defy initial expectations,
with over 316,000 New Zealanders signing up in just the first five months, Finance
Minister Michael Cullen and Revenue Minister Peter Dunne announced earlier this
month.
As at 30 November, 316,865 New Zealanders were actively saving for their retirement
through KiwiSaver. This news came just a month after KiwiSaver numbers reached
the quarter million mark.
“New Zealanders are embracing KiwiSaver in huge numbers,” the Ministers
stated. “They know that KiwiSaver makes saving for retirement easier than
ever before.
“One of the most encouraging signs is the large numbers of younger New
Zealanders who are joining the scheme," they continued, going on to add
that:
"“Nearly 20 per cent of KiwiSavers are younger than 25 and over
33,000 KiwiSavers are less than 20 years old. This is great news as these young
New Zealanders are taking up the savings challenge early and will be able to
build a substantial nest egg for retirement or in some cases for their first
home."
“It’s also encouraging that over half of KiwiSavers are aged under
45."
The Ministers concluded by observing that:
"“It is also important to note that KiwiSaver will build up a substantial
pool of domestic capital available for local firms to draw from for investment."
“The large pool of savings built up as a result of superannuation schemes
in Australia has been sighted by some commentators as the single most important
factor behind the growing wealth across the Tasman.”
New legislation giving effect to employer-related KiwiSaver enhancements announced
in Budget 2007 was also passed this month.
The legislation aims to strengthen incentives to save for retirement via a
KiwiSaver or a complying superannuation scheme. It requires employers to match
their employees’ contributions up to 4% of their gross salary or wages,
phased in over four years. That measure is accompanied by a new employer tax
credit of up to NZ$20 a week to help offset the costs to employers.
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