Wednesday, 10 December 2008 07:57
Graham
The government have introduced law changes into parliament that will make some changes to KiwiSaver:
- The minimum contribution will now be 2% (this will be the new default for all new schemes)
- The $40 / year fee subsidy is now gone
- The government subsidy to employers is now gone (compensated by the fact that their minimum contribution is reduced down to 2%)
- A minor change to the way the 'tax credit' works - it's no longer capped. Simply, you get matched by up to $20 per week irrespective of your income
These changes come into effect 1 April 2009.
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