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Employee Benefits in New Zealand

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

Summary

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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.

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