New Zealand PM Luxon Pledges to Increase Pension Savings Scheme

New Zealand Prime Minister Christopher Luxon said he will raise the amount that workers pay into pensions, bringing the country more in line with neighboring Australia.

Luxon said the policy would be adopted if his National party was returned to government after next year’s election. Default contribution rates for workers into the Kiwisaver program will rise by 0.5% per year from April 2029 to reach 6%. Employers would then need to match that, taking it to 12%.