INDEPENDENT NEWS

490,000 older NZers to benefit from Super increase

Published: Tue 28 Mar 2006 02:40 PM
Hon David Benson-Pope
Minister for Social Development and Employment
Rt Hon Winston Peters
Associate Minister for Senior Citizens
March 28, 2006 / Media Statement
490,000 older New Zealanders to benefit from Super increases
"People receiving New Zealand Superannuation and Veterans Pension will be better off by up to $420 extra a year," Social Development and Employment Minister David Benson-Pope and Associate Minister for Senior Citizens, Winston Peters, announced today.
New Zealand Superannuation and Veterans Pensions will increase by 3.16% from 1 April 2006 following the increase in the cost of living for 2005, as measured by the Consumers Price Index.
“In line with our agreement with New Zealand First, this government is committed to ensuring Superannuation and Veteran Pension rates are not less than 66% of the net average weekly wage from 1 April 2006,” said Mr Benson-Pope.
The newly adjusted rate of New Zealand Superannuation, $406 (after tax at ‘M’) for a married couple from 1 April 2006, is 66.12% of the net average weekly wage (currently $614.07).
"About 490,000 older New Zealanders will benefit from these increases and I'm absolutely delighted that we have delivered this increase to older New Zealanders," said Mr Peters.
The net fiscal cost of increasing New Zealand Superannuation and Veteran’s Pension rates is approximately $44.161 million in 2005/06, $181.256 million in 2006/07, $193.095 million in 2007/08, and $229.105 million in 2008/09. The table below shows the net weekly rates of New Zealand Superannuation and Veteran’s Pension that will be payable from 1 April 2006.
Net (after tax at ‘M rate’) weekly rates of NZ Superannuation and Veteran’s Pension
Rate per person / Rate from 1 April 2005 / Rate from 1 April 2006 / Increase per week / Increase per Annum / % increase
Married Person - Each / $196.78 pw / $203.00 pw / +$6.22 / $323.44 / 3.16%
Married Couple / $393.56 pw / $406.00 pw / +12.44 / $646.88 / 3.16%
Single Person - Sharing / $236.14 pw / $243.60 pw / +$7.46 / $387.92 / 3.16%
Single - Living lone / $255.81 pw / $263.90 pw / +$8.09 / $420.68 / 3.16%
ENDS

Next in New Zealand politics

Concerns Conveyed To China Over Cyber Activity
By: New Zealand Government
Parliamentary Network Breached By The PRC
By: New Zealand Government
GDP Decline Reinforces Government’s Fiscal Plan
By: New Zealand Government
Tax Cuts Now Even More Irresponsible
By: New Zealand Labour Party
New Zealand Provides Further Humanitarian Support To Gaza And The West Bank
By: New Zealand Government
High Court Judge Appointed
By: New Zealand Government
View as: DESKTOP | MOBILE © Scoop Media