Did you know that for every dollar you put into your KiwiSaver account, the Government puts in 50 cents - up to $521.43 each year? It's officially called a Member Tax Credit (MTC) and it's paid into your KiwiSaver Scheme account in late July or early August.
To get the full amount, you need to have contributed $1,042.86 to your KiwiSaver account between 1 July of the previous year and 30 June of the current year, and have been a member for the full year. Otherwise you'll only get a portion equal to your part year membership.
If you haven't contributed this amount, you can choose to top up your balance before 25 June to allow for processing time.
To find out more and how to top up your KiwiSaver Scheme account visit the AMP website.
KiwiSaver's still a great option without the $1,000 kick-start.
Annual member tax credits of up to $521 and contributions from your employer mean there are some great reasons to join.
AMP's Director of Advice and Sales Blair Vernon joined Paul Henry to discuss why KiwiSaver is still a good idea.
“You shouldn’t let the loss of the $1,000 kick-start put you off KiwiSaver,” points out Blair. “At the end of the day it is what it said it was, a kick-starter. For those in the workforce over the age of 18, the real money is still there. If you put in 3%, your employer puts in 3% and that's the real basis of your savings."
To watch the full interview with Blair click here.
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