Take advantage of government contribution to your KiwiSaver

To help you add savings into your KiwiSaver account, the Government will make an annual contribution of up to $521 to all contributing members over the age of 18. Over a KiwiSaver member’s working life, the government contribution could be worth as much as $36,000.

Check your eligibility:
The Government contribution stops when a member reaches the age of eligibility for NZ Super or has been a member for 5 years. If you’re an employee who earns at least $34,762 a year (before tax) and you contribute the minimum 3% into KiwiSaver, then your contributions will be at least $1043, the amount required to receive the full payment from the government. In this case, the full amount of $521 will automatically be paid into your account by late July or August.

See if you’ve contributed the correct amount:
Contractors, freelancers, part-time workers or those who earn less than $34,762 a year, will need to check how much has been contributed to their KiwiSaver account in the past year. There is still time to top your account to receive the full government contribution if you find that you come up short.

Top-up your KiwiSaver by mid-June:
The official deadline to top-up your KiwiSaver account is 30 June. However, many providers will prefer members to have a minimum amount of $1043 in their account by mid-June in order to process the government contribution efficiently. You could consider making arrangements to top-up your account either by automatic payments or a lump sum, as the government will match each dollar with 50 cents.

Posted on 20 May '19 by , under super.