Fisher Funds TWO KiwiSaver Scheme for Employees
If any of your income is subject to PAYE when you join KiwiSaver you are considered to be an employee. Anyone aged 18 or over starting a new job will be automatically enrolled in KiwiSaver (some exceptions apply e.g. casual agricultural workers).
By joining KiwiSaver as an employee you'll be able to take advantage of the following incentives:
|If you are employed and aged 18 or over, compulsory employer contributions of 3%|
|For every $1.00 you contribute the Government will contribute $0.50 up to a maximum of $521 per KiwiSaver year (equivalent of $10 per week if you are over 18 and under the age when you normally qualify to withdraw your KiwiSaver account). This is known as the Member Tax Credit.|
|First home assistance programs (if eligible)|
Anyone aged 18 or over starting a new job will be automatically enrolled in KiwiSaver (some exceptions apply e.g. casual agricultural workers). The employer deducts KiwiSaver contributions from the employee's first pay and continues to do so unless the employee opts out. After starting a new job, an employee can opt out any time from the end of week two through to the end of week eight and have all contributions refunded.
Employees who are automatically enrolled have 3 months to select a KiwiSaver provider of their choice, otherwise they will be allocated to one of default providers appointed by the Government.
Existing employees can also join KiwiSaver at any time by completing an application form with the KiwiSaver scheme provider of their choice or letting their employer know they want to opt in.
Employees can contribute either 3%, 4% or 8% of their gross salary or wages. These amounts are deducted by their employer as part of the PAYE process and paid to Inland Revenue who pass them onto the relevant KiwiSaver provider. Employees can also make voluntary payments over and above their regular contributions by contributing directly to the Fisher Funds TWO KiwiSaver Scheme.