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Employee Benefits in New Zealand

  • January 2015
  • -
  • Timetric
  • -
  • 45 pages

Synopsis
New Zealand has a comprehensive social security system, which is largely non-contributory. Neither employers nor employees contribute to social security funds as they are tax financed. However, employees and self-employed persons must make contributions to the Accident Compensation Corporation (ACC) scheme, which provides benefits in the event of an accident, either at work or elsewhere. New Zealand nationals, permanent residents and foreign workers temporarily employed in the country are all covered by social security. Social security benefits in New Zealand are administered by Work and Income New Zealand (WINZ). There is a subsidized retirement savings plan – KiwiSaver – which supplements the country's flat-rate universal pension, known as New Zealand Superannuation. Unemployment and sickness benefits are paid after a minimum period of residence (two years for unemployment benefit), irrespective of employment history. However, the country has reciprocal agreements with certain countries such as Australia, Canada, Denmark and the UK, under which nationals from these countries can apply for social security benefits as soon as they arrive to take up permanent residence. Social security benefits are offered at a flat rate (government transfers), irrespective of previous income. Benefits are subject to taxation, and the Department of Social Welfare deducts the tax before granting benefits.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in New Zealand, including:

- An overview of state and compulsory benefits in New Zealand

- Detailed information about private benefits in New Zealand

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in New Zealand

Scope
This report provides a detailed analysis of employee benefits in New Zealand:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, unemployment and private benefits.

- It highlights the economic and regulatory situations relating to employee benefits in New Zealand.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in New Zealand.

- Assess New Zealand’s employee benefits market, including state and compulsory benefits and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in New Zealand.

- Gain insights into key organizations governing New Zealand’s employee benefits, and their impact on companies.

Key Highlights
- New Zealand nationals, permanent residents and foreign workers temporarily employed in the country are all covered by social security.

- Unemployment and sickness benefits are paid after a minimum period of residence (two years for unemployment benefit), irrespective of employment history. However, New Zealand has reciprocal agreements with certain countries such as Australia, Canada, Denmark and the UK, under which nationals from these countries can apply for social security benefits as soon as they arrive to take up permanent residence.

- In New Zealand, private pension schemes (superannuation plans) only cover a small portion of employees. Frequent changes in taxation, enforcement of new regulations and changes in the labor market are the main reasons behind the lack of interest in joining the schemes.

Table Of Contents

Employee Benefits in New Zealand
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in New Zealand
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Unemployment
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical Benefits
7.6 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-NZD
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural population
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: New Zealand - Country Statistics
Table 3: New Zealand - Superannuation Pension Benefits
Table 4: New Zealand - Death-in-Service Benefits
Table 5: New Zealand - Long-Term Disability Benefits
Table 6: New Zealand - Short-Term Sickness Benefits
Table 7: New Zealand - Unemployment Benefits

List of Figures
Figure 1: New Zealand GDP at Constant Prices (US$ Billion), 2008-2012
Figure 2: New Zealand GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 3: New Zealand GDP at Current Prices (US$ Billion) 2008-2012
Figure 4: New Zealand GDP Per Capita at Current Prices (US$), 2008-2012
Figure 5: New Zealand GDP by Key Segments (%), 2008-2012
Figure 6: New Zealand Inflation Rate (%), 2007-2013
Figure 7: New Zealand Annual Average Exchange Rate US$-NZD, 2008-2012
Figure 8: New Zealand Unemployment Rate (%), 2008-2012
Figure 9: New Zealand Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 10: New Zealand Total Population (Million), 2008-2012
Figure 11: New Zealand Size of Labor Force (Million), 2008-2012
Figure 12: New Zealand Urban and Rural Population (%), 2008-2012

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