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Labour Party on Welfare and Superannuation

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The issues

Labour Party is neutral on increasing superannuation from 66% of the average after-tax wage

Labour will continue to adjust NZ Superannuation to ensure that the rate for a married couple is equivalent to at least 66% of the average wage, according to party policy. But it has no specific policy to raise it further. A party spokesperson added that, “ Since 2005 we’ve increased superannuation by $113 a fortnight for a married couple and more than $73 a fortnight for a single living alone. Superannuitants also benefit from our tax cuts. From 1 October seniors are about $23 better off a fortnight each.

Labour Party strongly supports keeping KiwiSaver in its current form

Labour strongly supports keeping KiwiSaver in its current form. “KiwiSaver is providing the opportunity for over 800,000 kiwis to get into worthwhile private saving schemes to enhance their standard of living in retirement. A culture of savings will significantly strengthen our economy,” a party spokesperson says.

Labour Party opposes the government requiring the New Zealand Superannuation Fund to invest more heavily in New Zealand

Labour strongly opposes calls to cut across the independence of the Guardians of the Superannuation Fund, a party spokesperson says. “Labour would consult with the independent Guardians of New Zealand Superannuation and KiwiSaver providers on what changes to current settings would most facilitate increased investment in New Zealand by their funds. The whole purpose of making the fund independent of government was to ensure investment decisions are made by professionals. This is a fund to support the provision of universal superannuation to all New Zealanders in the years ahead”. While Finance Minister Michael Cullen said in October 2008 that he would not direct the fund to invest more in New Zealand, he would look at ways to encourage the fund it lift its investment in New Zealand. The National Business Review reported that Labour “would discuss with the fund what changes might be needed to bring in higher local investment”.

Labour Party is neutral on requiring parents on the DPB to return to part-time work or training once their children are at school

Labour has no policy requiring parents on the DPB to work or train once their their children are at school. A spokesperson says the party “supports beneficiaries to help them move in to sustainable employment. We work on a case by case basis to provide support for parents to move into the workforce”.