Christchurch and Canterbury employers and employees starting out or starting as a new employee tomorrow, 1 April 2009, will have to work with new KiwiSaver laws. New employees who have not been involved in KiwiSaver previously will have 2% taken out of their (before tax) wages or salary, from week 2 of employment, and they will have 2% of their employers' money paid to them in addition to that, tax free.
What does this mean for the employee? Lets say the employee earns $500 per week, before tax, or $12.50 per hour (NZ minimum adult wage) they will have $10 per week taken out or their wages for their own KiwiSaver contributions. They will also have an additional 2% paid by the employer tax free. That is their KiwiSaver account will have $20 per week paid into it.
Employee 2% - $10 taken
Employer2% - $10 given without tax taken first.
Inland RevenueKiwiSaver law changes summary is here.
What does this mean for the employer?
The employer needs to make 2% more after expenses from the employee to cover that income.
How is the employer going to do that? He or she would do well to consider a resource like Character First! I hear that business owners in the US and through our Asia, and Australia are making dramatic profit increases just through using these resources. Here is the link Character First! Call me if you are looking for other resources. I do a lot of networking and may point you in the direction of some valuable resources - to help you combat this assault on your bottom line.
I do not offer business advice.
I have written another article today on this important topic of KiwiSaver law changes at my main website blog. www.liferisk.co.nz/blog There is also a wealth of information at the Neil Smith KiwiSaver Advice page www.liferisk.co.nz/kiwisaver.html
Monday, March 30, 2009
KiwiSaver changes take effect tomorrow for Christchurch and Canterbury Employers and Employees
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3 comments:
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