From 1st April 2013 the minimum employee and employer contributions are increasing to 3%.
Both these contributions are currently 2%, and the employer contribution has tax deducted from it at the ESCT (Employer Superannuation Contribution Tax Rate).
If you are paid through the PAYE system, your employee and employer contribution will automatically increase. You can make the contributions at the minimum contribution rate, or 4% or 8%.
These changes apply from the first pay period after 1st April 2013.
ALSO - check our question about if you are aged 18 and enrolled in a KiwiSaver scheme. I am under 18 and enrolled in KiwiSaver. Do I have to make employee contributions?
Please note that these changes have been in force since the budget in May 2012.
If you have any other questions about KiwiSaver, Ask us a KiwiSaver Question
By Peter Church
