Section 2.4 contains details regarding KiwiSaver contributions, setting out the employee and employer obligations required to ensure compliance with the scheme and associated regulations within KiwiSaver Act 2006.
The employee can choose the rate at which they wish the deductions to be taken from their earnings (3%, 4%, 6%, 8% or 10%). Where the employee does not state the percentage rate to apply, the default rate of 3% must be applied. The employer is also required to contribute a minimum of 3% (net of employer superannuation corporation tax (ESCT)), the rate of which is determined by the employee's earnings in the previous year and the industry of the business.
The Ministry of Business, Innovation and Employment were responsible for selecting the default KiwiSaver scheme providers
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Web page updated on 17 Mar 2025 15:04