KiwiSaver is a voluntary, work-based savings starting on 1 July 2007. Inland Revenue will administer the scheme through PAYE. Individuals will be able to elect to save 4% or 8% of their pay in approved KiwiSaver schemes, with an initial contribution of $1000 from the government.
The site will also redirect employers and potential scheme providers to further information on a new KiwiSaver section on the Inland Revenue website, at http://www.ird.govt.nz/kiwisaver. Employers can register to receive regular information and progress updates.
The site will eventually allow KiwiSavers to find out more about:
· scheme providers,
· applying for a temporary break from saving (contributions holidays),
· how to change schemes, and
· the first home subsidy.
The results of the tender round for default providers are expected to be announced shortly.
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