- New Zealand's population is 4,187,013
- New Zealand's full-time workforce is 1,583,400 (37 percent of the population)
- Each working person is in effect financially supporting 3 people
- 985,000 men work full-time, 598,400 women work full-time
- 244,000 people are employed as legislators, administrators and managers
- 359,000 people work in retail
- Approx. 80,700 New Zealanders are unemployed
- The average weekly pay in NZ is approx. $800
- In 1990, the average weekly pay was $535
- More than 19,000 New Zealanders work more than 80 hours per week !
- Your most valuable asset is your ability to earn a living
6 December 2007
The number of people joining KiwiSaver 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 said today. As at 30 November, 316,865 New Zealanders were actively saving for their retirement through KiwiSaver. This news comes just a month after KiwiSaver numbers reached the quarter million mark. "New Zealanders are embracing KiwiSaver in huge numbers," the Ministers said. "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. "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. "While not all political parties have backed KiwiSaver, New Zealanders are showing that they know our savings problem is real and they know that KiwiSaver makes it easy to save. "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."
- Only 15% of those earning between $15,000 and $50,000 per year have any form of superannuation savings
- KiwiSaver benefits are too good to be overlooked
- Firstly, there is a $1,000 net kick start gift from the government into your account
- Secondly, your contributions are matched by a tax credit of up to $20 per week ($1,040 per year)
- From 1 April 2008, all employees contributing to KiwiSaver (and complying superannuation funds) will also be entitled to a compulsory matching employer contribution of 1% of gross pay rising by 1% each year until it reaches 4% in April 2011
- After three years of saving, first home buyers may be eligible for a housing deposit subsidy
- There is no Specified Superannuation Contribution Withholding Tax on the employer contributions of up to 4%
- You can elect to have a 'contributions holiday' of up to 5 years after 12 months
- Earlier withdrawals are permitted only in circumstances of serious financial hardship, permanent emigration or to assist with the purchase of a first home
- KiwiSaver is a valuable asset
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