Did you know that if you put money into your KiwiSaver that the Government will give you additional KiwiSaver money absolutely free?
If you have put at least $1042.86 of your own money into your KiwiSaver this year, you will receive the maximum of $521.43 of Government contribution – the free money the Government will pay into your KiwiSaver.
Do you feel like you haven’t put enough money into your KiwiSaver to receive that maximum Government contribution? Don’t worry! You will still get some Government contribution as long as you have put some money into your KiwiSaver within the year (which is measured from 1 July 2020).
What do you need to do?
The Government pays 50c for every $1 you pay into your KiwiSaver up to the maximum (see below). If you’re reading this and you are trying to figure out how much free KiwiSaver money you will get from the Government, here are some examples of what that might look like for you:
|Your personal contributions||Money from the Government|
|- the total amount of money you have put into your KiwiSaver (in a year)||- the free KiwiSaver money from the Government (in a year)|
|Over $1,042.86||$521.43 (max)|
If you are an employee and earn at least $34,762 a year, and your KiwiSaver contribution rate is at least the minimum 3%, then you will qualify for the maximum Government contribution without even having to do anything else.
If it looks like your personal contributions will not get you the maximum Government contribution, you still have until the 30th June 2021 to put more money into your KiwiSaver.
Not sure about your personal situation?
Here at Christian KiwiSaver Scheme we want you to feel supported as you think about your financial wellbeing. You can log on to your member section of our website to access your personal information and see how much you have contributed for the year if you are not sure. Please contact us if you have any questions.