15 September, 2004

Greens support workplace savings

The Green Party has welcomed the report of the Savings Product Working Group and is urging the Government to take positive steps to make it easier for workers to save for their retirement.

"While we are still studying the detail of the report, the good news is that it recognises the need for employers to take a more active role in helping their staff save for retirement and it proposes efficient mechanisms to make this possible," said Green Party Co-leader, Rod Donald.

"We now look forward to the second leg of the treble, the Stobo Review, which will hopefully address the tax disincentives that are discouraging saving and also recommend tax incentives.

"Unfortunately both initiatives are cold comfort for those workers who have nothing left to save after meeting the cost of living.

"The Government therefore needs to address the third leg of the treble, the issue of income adequacy, by lifting the minimum wage. Employers should be encouraged to voluntarily raise wages above that level, so their staff can enjoy the certainty and security they deserve in retirement."

ENDS

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