KiwiSaver numbers surge after 1 April changes
13 April 2008
The Ministers of Finance and Revenue announced today that KiwiSaver membership had surged following the introduction of employer contributions and tax credits on 1 April.
As at 9 April, 542,338 New Zealanders are enrolled in KiwiSaver, with over 20,000 of those members having joined in the first nine days of April.
Finance Minister Michael Cullen said KiwiSaver was clearly building a new savings culture in New Zealand. Revenue Minister Peter Dunne said KiwiSaver was a success because workers got behind it and because employers worked hard to make it available in their workplaces.
The full statement is on the Beehive website.
Footnote - KiwiSaver members as at 09 April 2008
| Method of joining | Members |
|---|---|
| Opt in via provider | 237,577 |
| Opt in via employer | 102,163 |
| Automatically enrolled | 202,598 |
| Total net enrolments | 542,338 |
| Opted out | 106,470 |
| Closed (People enrolled incorrectly or ineligible, or provider initiated the closure) |
1,215 |
| Active financial hardship contribution holidays | 1,899 |
KiwiSaver members as at 31 March 2008
| Method of joining | Members |
|---|---|
| Opt in via provider | 226,843 |
| Opt in via employer | 99,394 |
| Automatically enrolled | 195,010 |
| Total net enrolments | 521,247 |
| Opted out | 101,988 |
| Active financial hardship contribution holidays | 1,793 |
Demographics of KiwiSaver members as at 31 March 2008
| Age band | Members | % |
|---|---|---|
| 0-17 | 47,314 | 9% |
| 18-24 | 85,108 | 16% |
| 25-34 | 81,940 | 16% |
| 35-44 | 90,730 | 17% |
| 45-54 | 96,656 | 19% |
| 55+ | 107,950 | 21% |
| No information | 11,549 | 2% |
| 521,247 | 100% |
| Gender | Members | % |
|---|---|---|
| Female | 267,314 | 51% |
| Male | 249,723 | 48% |
| No information | 4,210 | 1% |
| 521,247 | 100% |
Payments to providers1
| Payment type | March 2008 | Total year to date |
|---|---|---|
| Employee contributions | $47,855,075 | $238,504,839 |
| Employer contributions | $7,255,012 | $35,712,228 |
| Ad hoc contributions | $467,057 | $6,069,327 |
| Total member contributions | $55,577,144 | $280,286,394 |
| Kick-start | $45,424,000 | $405,871,000 |
| Fee subsidy | $909,060 | $8,124,180 |
| Interest | $528,882 | $3,290,100 |
| Total Crown | $46,861,942 | $417,285,280 |
| Total | $102,439,086 | $697,571,674 |
1 Figures are provisional, Inland Revenue is currently reconciling final payments.
Date published: 19 May 2008
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