KiwiSaver numbers closing in on 700,000

KiwiSaver membership has passed 670,000 with more than 2300 new members signing up every day in May, nearly equalling April's record pace.

As at 31 May some 673, 942 people had joined KiwiSaver.

Finance Minister Michael Cullen said it was especially gratifying to see so many young New Zealanders starting a savings habit - more than 180,000 KiwiSavers are under 25 years old.

Revenue Minister Peter Dunne praised the cooperation of employers in ensuring KiwiSaver had quickly become part of the New Zealand workplace.

The full statement is on the Beehive website.

Footnote - KiwiSaver members as at 31 May 2008

Method of joining	Members
Opt in via provider	313,484
Opt in via employer	116,137
Automatically enrolled	244,321
Total net enrolments	673,942

Opted out	128,878

Closed (People enrolled incorrectly or ineligible, or provider initiated the closure)	1,042

Active financial hardship contribution holidays	2,914

Demographics of KiwiSaver members as at 31 May 2008

Age band	Members	%
0-17	80,517	12%
18-24	107,603	16%
25-34	103,963	15.5%
35-44	116,161	17%
45-54	121,305	18%
55+	128,967	19%
No information	15,426	2.5%
	673,942	100%

Gender	Members	%
Female	345,906	51%
Male	321,370	48%
No information	6,666	1%
	673,942	100%

Payments to providers

Payments to providers¹	May 2008	Total year to date
Employee	$57,683,151	$346,925,983
Employer	$11,264,509	$52,432,979
Ad hoc contributions	$356,072	$6,850,109
Total member contributions	$69,303,732	$406,209,071
Kick-start	$41,374,000	$480,639,000
Fee subsidy	$2,711,100	$12,595,360
Interest	$607,563	$4,366,097
Total Crown	$44,692,663	$497,600,457
Total	$113,996,395	$903,809,527

¹ Figures are provisional, Inland Revenue is currently reconciling final payments.

Date published: 18 Jun 2008
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