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CHANGES TO KIWISAVER

Are your employees enrolled in KiwiSaver?

If so, then this is a must read for you.

Recent changes in KiwiSaver have altered employee and employer minimum contributions. Essentially both employee and employer minimum contributions have increased from 2% to 3% of gross salary. The increase came into force in April.

So, what do you need to do?

If you have not already made internal changes to reflect the increased contribution rates you need to get onto this ASAP.

Check what contribution rates your employees have nominated. These might be 2%, 4% or 8%. If the employee is contributing 4% or 8% you won't need to make any changes. If the employee is contributing 2% you will need to alter the employee and employer contributions to 3%, and back date the increase to the the first full pay that the employee received in April.

For further information, check out the IRD's information guides that can be accessed via:

http://www.ird.govt.nz/changes/budget-index.html?gclid=CNz2k_XdircCFYo5pgodRBcAzg

 

Written by Kylie van Heerden at 09:00

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