Frequently asked questions about the latest KiwiSaver Changes

Can I update the employer KiwiSaver rate to 3.5% earlier? 

At this stage we don't expect to release product changes that enable 3.5% to be selected before 1 April, but we'll let you know if this changes.

Can I apply for a KiwiSaver rate reduction as an employer? 

No, only employees can apply for a rate reduction through IRD. If they get an approved reduction, you can change your employer contribution to 3% for the approved period.

Will my employees' take-home pay change? 

Possibly, yes. Between the KiwiSaver increase (if they're currently at 3%) and the ACC earner levy increase, employees may see a small reduction in take-home pay. The minimum wage increase will offset some or all of this for employees on or near the minimum wage.

What if a pay period spans 31 March and 1 April? 

The new minimum wage rate applies to any hours worked on or after 1 April. 

The new KiwiSaver and ACC rates apply to any payday on or after 1 April.

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