A national workplace savings scheme with incentives for first home buyers was introduced to Parliament yesterday.
The Kiwisaver scheme was a key plank of Labour's election campaign.
The scheme is voluntary for all employees aged 18 to 65 and will give workers the option to put four or eight per cent of their gross salary automatically into a savings fund. All new employees are automatically enrolled and existing employees can opt to join.
The Government will provide a $1,000 kick-start for each account, and first home-owners will receive a one-off payment of $1,000 for each year they have signed up to, to a maximum of $5,000.
Kiwisaver should be in place by April next year.
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