Each year, the government is willing to put up to $521 of cold hard cash into each of our KiwiSaver accounts.
For every $1 we contribute to KiwiSaver each year, they will contribute 50 cents, up to a maximum of $521. Unfortunately, thousands of Kiwis leave this money unclaimed.
It’s called a ‘government contribution’ - which basically means free money. There’s no catch, it’s just the government’s way of encouraging New Zealanders to make contributions to KiwiSaver. If you would like to know more about how it all works, click here.
The details
Everyone enrolled in KiwiSaver between the ages of 18-65 is eligible for this top-up. Regardless of whether you are currently working.
If you’re earning $34,762 or more per year via PAYE - and you’re contributing the minimum 3% to KiwiSaver - then you’re going to automatically receive the full $521 from the government each year. In other words, you don’t need to do anything. As you were.
However, if you are not paid via PAYE, or if you’re earning less than $34,762 per year, you will need to top up your KiwiSaver account manually - making sure you have contributed a total of $1,043 since 1 July the year prior, to ensure you receive the $521 bonus payment from the government.
You must make sure you have contributed the $1,043 to your KiwiSaver account before Friday, 28th June. If you’re making a manual payment, the sooner the better - as it can take a wee while for your contribution to be processed.
If you would like to make a KiwiSaver payment manually, and aren’t sure how, we’ve written a step by step guide here.
If you have any questions or need a hand, please just flick us an email - we’ll be happy to help, free of charge. hello@solutionsfinancial.co.nz
*Please note this information is general in nature and you should seek personalised advice to suit your unique circumstances.