New Zealand Employee Benefits Report

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in New Zealand

Details of the state and compulsory benefits
Insight into typical market practice
Examines changes to the costs and benefits of social security and mandatory benefits requirements
Demographic and economic information including projections
Mandatory pension provision, normal and parental leave and other state benefits
Details of applicable taxation
Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for New Zealand. Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for New Zealand provides an expert analysis of the local benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in New Zealand or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in New Zealand, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in New Zealand, the report outlines the employment benefits requirements for your employees in New Zealand. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of New Zealand, the local political situation, and climate, operational, and security risks.

New Zealand Report Extract

Below is a very brief extract of information from the New Zealand Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided through New Zealand Superannuation, administered by the Ministry of Social Development.

Retirement benefits are also provided through a KiwiSaver scheme as chosen by the employee (the KiwiSaver scheme is chosen by the employer or government where the employee does not make a choice).

Typical Employer Practice

Multinational and local leading employers may provide supplementary retirement benefits; benefits are provided through a registered superannuation scheme (prevalence is decreasing in favour of KiwiSaver).

Supplementary retirement benefits may also be provided through additional voluntary contributions to a KiwiSaver scheme; see State & Compulsory Benefits for detail.

The report contains more information on retirement benefits in New Zealand including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more

Termination Indemnities

Benefit provider

State & Compulsory Benefits

There are no compulsory termination indemnities in New Zealand.

The notice period is as prescribed in the employment contract; where no notice period is prescribed the notice provided must be considered as reasonable (determined by a number of factors, such as length of service).

Typical Employer Practice

Most multinational and local leading employers provide supplementary termination indemnities as prescribed under the employment contract.

More information on Eligibility; When Benefit is Paid; Continuation After Retirement; Employer/Employee Contribution and associated Taxation is provided in the report

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