National is targeting a suite of KiwiSaver changes as a key campaign strategy leading up to the election.
National Party leader Christopher Luxon announced at his party’s annual conference if reelected, National would make KiwiSaver or an equivalent scheme compulsory for workers, automatically enrol every baby born in New Zealand along with a $1500 Baby Boost payment, and make a contribution into a parent’s KiwiSaver while they’re on paid parental leave.
In November, the National Party released its first key election policy - increasing contribution rates for employers and employees to 12% by 2032.
“Under National’s changes, everyone in work will be required to contribute to KiwiSaver, or an equivalent retirement savings scheme, from 1 July 2028,” Luxon said.
“Recent global volatility has underlined the need to strengthen our financial security. In a more uncertain world, New Zealand needs higher savings and greater financial resilience. Compulsory KiwiSaver will help deliver both.
“We’re also supporting mums and dads to continue building their KiwiSaver while on paid parental leave. We know that welcoming a new baby can put financial pressure on many families as they adjust to life on a single income and more expenses, so many parents choose not to contribute to KiwiSaver during this time," he said.
That would be set at the default KiwiSaver rate and applied against the amount of paid parental leave.
The party also promised to require employers to maintain KiwiSaver contributions for employees over 65.
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