99.5 per cent benefiting from KiwiSaver change

99.5 per cent of people contributing to KiwiSaver through their wages or salaries can look forward to greater security in retirement thanks to the increase in contribution rates, Finance Minister Nicola Willis says.

“Almost three months after the default contribution rate for the scheme was lifted, only half a per cent of regular contributors have opted out of the increase.

“This means hundreds of thousands of Kiwis will be better off in retirement.”

KiwiSaver has just under 3.5 million members of whom about 1.8 million are contributing to their accounts through employee deductions. Of those 1.8 million, just 9300 have opted out of the increase that took effect on 1 April, choosing instead to remain on the previous 3 per cent rate.

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