Call to lower KiwiSaver contribution rate to 1pc

Blair Vernon , Managing Director, AMP Financial Services says more needs to be done to get people contributing to KiwiSaver.

Many of the people who do not contribute to KiwiSaver on a regular basis are on a low income or are not in paid employment, research suggests.

More than 2.7 million Kiwis are signed up to the retirement scheme but 1.1 million were considered to be non-contributors in the year to March 31, 2017.

Currently the minimum contribution rate is 3 per cent but Vernon said there should be options to start contributing at 1 per cent and 2 per cent.

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