Employee Benefits in New Zealand 2018
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 contribute to the Accident Compensation Corporation (ACC) scheme, which provides benefits in the event of an accident, either at work or at elsewhere. New Zealand nationals, permanent residents and foreign workers temporarily employed in the country are all covered by social security. Work and Income New Zealand (WINZ) administer social security benefits in New Zealand. There is a subsidized retirement savings plan - KiwiSaver - that 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.
The report provides in-depth industry analysis, information and insights of the employee benefits in New Zealand, including: overview of the state and compulsory benefits in New Zealand, detailed information about the private benefits in New Zealand, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in New Zealand.
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