KiwiSaver – 1 April 2009 Changes
From 1 April 2009 there are a number of notable changes to KiwiSaver.
- The minimum employee contribution default rate is now 2% of gross pay. Existing members must apply in writing to reduce their contribution to 2%.
- The compulsory employer contribution (CEC) is now 2%. This will no longer increase in future years.
- Any voluntary employer contributions you make will be liable for employer superannuation contribution tax (ESCT).
- The employer tax credit (ETC) has been removed and can no longer be claimed from 1 April 2009.
- The KiwiSaver Act has been amended and the Employment Relations Act amendment relating to KiwiSaver has been repealed. This means that KiwiSaver employer contributions must now be paid in addition to an employee's gross salary and wages, unless you agree otherwise with your employees, through good faith bargaining.
For more information go to
http://www.ird.govt.nz/news-updates/campaign-kiwisaver-employers
