KiwiSaver auto-enrolment go-ahead

Any New Zealand employees not already in KiwiSaver will be automatically enrolled in the scheme in a bid to improve the country's savings - but not until the 2014/2015 financial year the Government says.

Finance Minister Bill English this afternoon said his Government had considered KiwiSaver auto-enrolment and decided to go ahead with the plan in 2014/15 if its books have returned to surplus by then.

Coming just a couple of weeks after international ratings agencies downgraded New Zealand's credit rating on concerns about the country's reliance on foreign savings, Mr English said the policy was part of his Government's programme "to build genuine national savings".   Full Read