For employees on the standard minimum rate, this means a slightly higher deduction from their gross pay each week. At the same time, eligible employers will increase their contribution to 3.5%, putting more money towards their employees’ long-term savings.
The change is part of the Government’s plan to help New Zealanders build stronger retirement savings over time. While employees will see a small increase in their weekly deduction, the additional contributions can help grow their KiwiSaver balance for the future.
If you have questions about how the change affects your pay or KiwiSaver contributions, please contact the NZ Labour Hire payroll team.
