KiwiSaver hits 600,000 mark with record month
7 May 2008
KiwiSaver membership stood at 600,043 as at 30 April, the Ministers of Finance and Revenue announced today, following a record month for enrolments.
Some 78,000 people joined KiwiSaver in April, making it the biggest month for KiwiSaver yet. Compulsory employer contribution and tax contributions took effect from 1 April.
Finance Minister Michael Cullen said membership of KiwiSaver was exceeding expectations. Initial projects were for 270,000 members after the first full year.
Revenue Minister Peter Dunne praised the willingness of employers and workers to learn about KiwiSaver.
The full statement is on the Beehive website.
Footnote - KiwiSaver members as at 30 April 2008
| Method of joining | Members |
|---|---|
| Opt in via provider | 272,452 |
| Opt in via employer | 107,708 |
| Automatically enrolled | 219,883 |
| Total net enrolments | 600,043 |
| Opted out | 115,341 |
| Closed (People enrolled incorrectly or ineligible, or provider initiated the closure) |
1,151 |
| Active financial hardship contribution holidays | 2,136 |
Demographics of KiwiSaver members as at 30 April 2008
| Age band | Members | % |
|---|---|---|
| 0-17 | 63,466 | 11% |
| 18-24 | 96,971 | 16% |
| 25-34 | 93,186 | 16% |
| 35-44 | 103,900 | 17% |
| 45-54 | 109,402 | 18% |
| 55+ | 118,879 | 20% |
| No information | 14,239 | 2% |
| 600,043 | 100% |
| Gender | Members | % |
|---|---|---|
| Female | 307,771 | 51% |
| Male | 286,162 | 48% |
| No information | 6,110 | 1% |
| 600,043 | 100% |
Payments to providers1
| Payment type | April 2008 | Total year to date |
|---|---|---|
| Employee contributions | $50,602,383 | $289,242,832 |
| Employer contributions | $5,458,059 | $41,168,470 |
| Ad hoc contributions | $424,710 | $6,494,037 |
| Total member contributions | $56,485,152 | $336,905,338 |
| Kick-start | $33,494,000 | $439,265,000 |
| Fee subsidy | $1,760,660 | $9,884,260 |
| Interest | $501,646 | $3,758,534 |
| Total Crown | $35,756,306 | $452,907,794 |
| Total | $92,241,458 | $789,813,132 |
1 Figures are provisional, Inland Revenue is currently reconciling final payments.
Date published: 19 May 2008
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