IRD to fork out $6.6 million for KiwiSaver pay delay
After delays due to a move to a new technology platform, the IRD are having to compensate many KiwiSaver accounts to the tune of $6.6 million.
Compensation of $6.6 million will be paid by the Inland Revenue Department to KiwiSaver members whose payments were delayed by a move to a new technology platform last year.
The switch occurred in April last year, during which IRD put some KiwiSaver employer contributions on hold.
This delay has meant that some KiwiSaver members potentially missed out on investment gains.
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