KiwiSaver
From Wikipedia, the free encyclopedia
The KiwiSaver scheme is an initiative of the New Zealand Government to combat New Zealand's (allegedly) low average rate of saving. It is a voluntary, long-term savings scheme administered jointly by the Government and employers, on behalf of employees.
KiwiSaver is governed by various Acts of Parliament including the KiwiSaver Act, passed in September 2006.
The KiwiSaver scheme was associated with one of the promises on Helen Clark's highly controversial 2005 pledge card.
The scheme will begin in July 2007 and any New Zealander over 18 starting a job after that will be enrolled in the scheme (with a few exceptions). Workers can opt out of the scheme if they choose to.
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