Superannuation and Veteran Payments to Rise

February 25, 2016 New Zealand Taxation

Superannuation savingsSuperannuation and veteran pension payments are set to rise in order to stay in line with wages in New Zealand.

On February 25th the Minister of Social Development Anne Tolley announced that superannuation and veteran pension rates will be increased from April 1st.

The government aims to maintain the level of superannuation and veteran pensions at 66 percent of the average national income, and in order to maintain this level the payments will be increased by 2.73 percent.

According to Anne Tolley, the increase in payments will translate to “… an increase of $15.74 a week for a married couple, $10.23 a week for a single person living alone and $9.44 for a single person sharing accommodation.”

Photo By: Simon Cunningham