Tag Archives: KiwiSaver

More smoke and mirrors from the halls of Parliament … Welfare benefits are now termed “addictive” … the new rationale for quietly dismantling NZ’s welfare state (Pt 1)

The latest spin from the powers that be, all about seeking work & not being addicted to welfare. Indeed welfare benefits carry a serious health warning reports the NZ Herald!

Doctors have been told that putting patients on welfare is akin to putting them on “an addictive debilitating drug … not dissimilar to smoking” (NZ Herald 16/7/2016)

What planet  are these guys are living on!? A corporation parading as a government that fails to concede we have a homelessness crisis also wants to blame unemployed for not working when basically there are no jobs (with nary a mention of course of the tax dodging multi national corporations)! They will cite figures about unemployment being down but the figures proffered are dodgy at the very least.

Classic case of smoke and mirrors basically where the victim is blamed for the crime. Shifting the focus off the facts … high unemployment (remember pre neo-liberal policies we had FULL employment & guess who borrowed us into debt?) their own mismanagement of the public funds ($200 mill Kiwisaver funds lost to a Portuguese bank plus $6+ mill spent on an unnecessary Hawaiian mansion) and a preference for pleasing the corporates … and onto blaming folks for having neither work nor in many cases a home.

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NZ has a serious housing crisis with thousands homeless, many sleeping in cars and garages

As we hear more frequently about suicides and/or attempted suicides (highest since records kept) as we see increasing numbers of people living in cars and garages and on the street, with 33,000 ghost houses sitting empty in Auckland, thanks in part to Key’s delectable tax haven, the rich enjoy a pitiful 2.8% tax on their obscenely large salaries while the minimum wage cleaner gets taxed an equally obscene 28%, almost ONE THIRD of their income! Consider also, if the latter work two jobs to survive they are secondarily taxed as well.

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PM Key who it was rumoured earlier on, gave away most of his Parliamentary income … which it appears is pure spin

Consider also, this is a govt/corporation that is forcing people with cancer and undergoing chemotherapy even, to look for work. Most will know chemo seldom works and makes us feel extremely unwell while it’s being administered. These are the depths to which this government/corporation has sunk.

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Now they’ve flogged off those P contaminated state homes (and the state housing corporation was making money) many of which  just happened to sit on prime real estate, they want to rip out the net completely & vilify the jobless for not working. They are quietly dismantling the welfare state, capitalism’s essential safety net, the kindly (?) human face, and replacing it with a tax haven for the super rich … and us? We can go eat cake.

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PM Key at home with corporates and clearly endorsing the sale of our water resources for profit

 

Serious times folks. Check out Agenda 21/2030. Corporations owe their first legal allegiance to their shareholders. The illusion of a democracy is all we have now. Time for change!

Read Part 2


Thank you to Frances Louis, Rotorua mayoral candidate who drew this issue to my attention.

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EnvirowatchRangitikei


RELATED

Work and Income Sent Families to Garages

Centre for Welfare Reform report, by George Faulkner, 14 April 2016: In the Expectation of Recovery: misleading medical research and welfare reform

Welfare Group Warns Thousands Will Suffer After Changes

 

A Goldman Sachs-organised, ‘risk-free’ loan of $200 mill Kiwi Savers’ funds is now LOST after the bank collapses – still trust your government?

Seriously do you still trust your government which really is a corporation, to swan around the planet investing your hard earned cash in foreign banks? A ‘risk-free’ loan TO a bank that’s subsequently crashed … really? Check out our previous articles on Kiwi Saver. This is not the first time things have run amok. Kiwis funds have disappeared from their accounts folks by the thousands. Not a few cents …. thousands of dollars. It’s fast coming time the only safe place to put your hard earned cash is in your sock or under your mattress … sadly. The banks already have the right to hair cut your savings should they go bust (Open Bank Resolution – google it) and it appears they haven’t circulated that information to well because few seem to know about it. Your representatives tax themselves at 2.8% while middle income workers are taxed 28%. See whose nests they are feathering … it isn’t yours.
Time to wake up Kiwis.   EnvirowatchRangitikei

Search for other banking articles in ‘categories’ (left side of page).


 

NZ Super Fund’s $200m loss

Matt Nippert   (Herald Business)
(Matt Nippert is a business investigations reporter)

Almost $200 million of taxpayer money invested through the Kiwi Superannuation Fund has been lost after a Portuguese bank where the money was invested, supposedly as a “risk free” loan, collapsed.

The Super Fund, set up with public money to cover partly the retirement costs of baby boomers, has revealed it had been caught up in last year’s collapse of Banco Espirito Santo (BES) and a US$150m (NZ$198m) investment made in July had been completely wiped out.

The investment was a contribution to a Goldman Sachs-organised loan to the Portuguese bank, but only weeks after the money was injected it imploded, with president and founder Ricardo Salgado arrested as part of a criminal investigation into tax evasion.

After disclosing billions of Euros in losses, and facing a run on funds by depositors, the bank collapsed in a heap and was broken up in August.

Goldman Sachs, described by Rolling Stone as “the great vampire squid” for their sharp business practices in the run-up to the global financial crisis, today said it would “pursue all appropriate legal remedies without delay” in an attempt to recover the loans to BES.

READ MORE: http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11404653&ref=NZH_FBpage

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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The Kiwi Saver Scam Finally Comes Home To Roost.

A Goldman Sachs-organised, ‘risk-free’ loan of $200 mill Kiwi Savers’ funds is now LOST after the bank collapses – still trust your government?

The Serious Fraud Squad Should Investigate John Key and Merrill Lynch’s Involvement With the Cullen Fund!

John Key confesses to his role in destroying the global economy on breakfast TV

Does John Key personally profit from NZ’s growing indebtedness? Hear him explaining his shares with the Bank of America – the bank that’s ‘too crooked to fail’

John Key is a shareholder in the Bank of America – Major conflict of interest with the TPPA