KiwiSaver accounts missing millions


piggy-bank-967181_1280Tens of thousands of workers are missing millions of dollars from their KiwiSaver accounts because their employers have failed to either pass on payments docked from their pay, or pay their own employer contributions.

Figures obtained by RNZ News show Inland Revenue is chasing thousands of employers for $29.3 million in outstanding payments and penalties that have accumulated since the retirement savings scheme was launched in 2007.

At the end of June 2015, 1663 employers had failed to pass on $15.3m in KiwiSaver payments deducted from their employees’ own salaries to the IRD.

These deductions were government guaranteed so workers would eventually get the money.

But since 2007, 2210 employers had failed to pay $10.6m in KiwiSaver contributions to 46,154 employees.

Businesses are legally required to pay 3 percent of an employee’s gross salary towards their KiwiSaver.

IRD collections manager David Udy said the vast majority of the businesses that had failed to pay were small and employed between three and five staff.

READ MORE: http://www.radionz.co.nz/news/national/297165/kiwisaver-accounts-missing-millions

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