KiwiSaver numbers keep rising
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By AARON LIM - BusinessDay.co.nz | Friday, 19 September 2008 |
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KiwiSaver broke another milestone this month, with the number of people signed up to the government superannuation scheme reaching 800,213 as of September 13.
Finance Minister Michael Cullen said the scheme indicated a positive change in savings culture for young Kiwi's, with nearly 30 per cent of KiwiSavers' being under the age of 25.
"Stronger personal savings will make our economy more resilient and less vulnerable to any adverse overseas market developments beyond our country's control in the future," Dr Cullen said.
Revenue Minister Peter Dunne attributed the success of the scheme to the patience and willingness of employers and workers while the government worked through the initial teething problems of the scheme.
Dunne said the current breakdown of KiwiSaver members showed 383,388 people actively chose a provider and enrolled directly in the scheme, with 125,424 people enrolling into KiwiSaver through their employer.
Some 291,401 new employees had been automatically enrolled by their employer, and 61 per cent of people joining the scheme were under the age of 45, Dunne added.
