John Key MP
National Party Leader

8 October 2008

Economic plan: Superannuitants get a boost

National Party Leader John Key has unveiled an economic management plan that will provide a much-needed boost to weekly superannuation payments.

“Because superannuation is calculated on the average wage, our economic package and our commitment to maintain superannuation rates at 66% of the average wage will see a subsequent rise in the incomes of retired New Zealanders receiving superannuation.”

Mr Key says National is determined to lift the incomes and living standards of all New Zealanders, and today’s announcement fulfils a pledge he made at the party’s annual conference in August.

“I’m also repeating the other pledges I made then.

“National will retain all the superannuation entitlements and eligibility rules that our senior citizens currently enjoy. We will keep this pledge and I will resign as Prime Minister, and as a member of our Parliament, rather than break it.

Mr Key says the pre-election opening of the books has been fully considered.

“As careful economic managers, National has been deliberately cautious in its approach. Now is not the time for unaffordable spending promises, but a time for a practical programme that will help drive economic growth, which is what we are delivering.

“I am confident that by growing the after-tax wages of all workers, some of the many thousands of children and grand-children who are making their homes overseas will now choose to make their futures here.”

Projected fortnightly NZS payments for a married couple after tax (each)
National Labour
from 1 April 2009 483 483
from 1 April 2010 500 495
from 1 April 2011 522 507
from 1 April 2012 538 521
from 1 April 2013 554 536

**The figures are projections based on the latest Treasury forecasts of future changes in the Consumer Price Index and the December quarter average weekly wage. Note that these are projections only – actual NZS payments in the future may differ from those shown here.

ENDS

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