An ageing population not saving fast enough for its retirement has been called a “timebomb” and a looming crisis, with many New Zealanders facing the prospect of hard times when they stop earning.
So, NZ First leader Winston Peters was on the money at his party’s recent annual conference when he pitched a major KiwiSaver overhaul. Under the plan, membership would become compulsory and minimum contributions from both employees and employers would increase to 8% of income, rising to 10% later.
