The Government will soon be giving all eligible KiwiSaver members (between ages 18 & 65) a free top-up of up to $521.43*.
The Government puts in 50 cents for every dollar in member contributions up to a maximum of $521.43.
Firstly, check on how much has been contributed to your KiwiSaver account during the past year (1st July – 30th June) and if it’s less than $1,043 you can top-up to get the maximum $521. You’ll need to make the top-up by this Friday 28th June.
If you’re a first home buyer trying to save the deposit then you should top-up because the extra Govt money can be withdrawn and used towards the deposit !!
*If a member has just joined KiwiSaver within the year to 30 June 2019, the Government will contribute a pro-rata amount based on the number of days they have been in KiwiSaver. If a member turns 18 partway through the year to 30 June 2019, they are eligible for the number of days they are 18.
If a member is over 65 they may still be eligible if they have joined before 65 and have not been in KiwiSaver for five years.