National has kicked off its election campaign with a party promise to pull Kiwisaver contribution rates up to Australia levels – a combined 12 per cent contribution rate for employers and employees.
It will mean by 2032, employees will have the option to put six per cent into their Kiwisaver, which employers will have to match. [...]
Labour leader Chris Hipkins said “the devil is always in the detail, and they haven’t worked through the detail here”.
“The Labour Party is supportive of increasing KiwiSaver contributions, but we’re concerned that the government haven’t done their homework.
“They haven’t figured out the implementation details, and people are going to end up really struggling to do what the government are asking of them.”
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They also changed the default rate from three per cent to four per cent. Workers in financial stress could still apply to stay at the three per cent rate.
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