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Employee Benefits in New Zealand, 2020 Update

November 2020 | 48 pages | ID: EF8B72313C9EN
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Employee Benefits in New Zealand, 2020 Update

SUMMARY

New Zealand has a comprehensive social security system, which is largely non-contributory. Neither employers nor employees contribute to social security funds, as they are tax-financed. However, employees and self-employed persons must contribute to the Accident Compensation Corporation (ACC) scheme, which provides benefits in the event of an accident, either at work or elsewhere.
New Zealand nationals, permanent residents, and foreign workers temporarily employed in the country are all covered by social security. Work and Income New Zealand (WINZ) administer social security benefits in New Zealand. There is a subsidized retirement savings plan - KiwiSaver - that supplements the country's flat-rate universal pension, known as New Zealand Superannuation.
Unemployment and sickness benefits are paid after a minimum period of residence (two years for unemployment benefit), irrespective of employment history. However, the country has reciprocal agreements with certain countries such as Australia, Canada, Denmark, and the UK, under which nationals from these countries can apply for social security benefits as soon as they arrive to take up permanent residence. Social security benefits are offered at a flat rate (government transfers), irrespective of previous income. Benefits are subject to taxation, and the Department of Social Welfare deducts the tax before granting benefits.
The report provides in-depth industry analysis, information and insights of the employee benefits in New Zealand, including: overview of the state and compulsory benefits in New Zealand, detailed information about the private benefits in New Zealand, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in New Zealand.
Key Highlights
  • The New Zealand Superannuation and Retirement Income Act 2001, War Pensions Act 1954, and Social Security Act, 2018, respectively regulate retirement benefits in New Zealand.
  • A person’s national insurance contribution is determined based on their income.
  • An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
  • In New Zealand, employers provide voluntary retirement benefits to their employees through superannuation plans.
SCOPE

This report provides a detailed analysis of employee benefits in New Zealand -
  • It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
  • It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in New Zealand
REASONS TO BUY
  • Make strategic decisions using in-depth information related to employee benefits in New Zealand.
  • Assess New Zealand’s employee benefits market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in New Zealand.
  • Gain insights into key organizations governing New Zealand’s employee benefits, and their impact on companies.
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions

3 COUNTRY STATISTICS

4 OVERVIEW OF EMPLOYEE BENEFITS IN NEW ZEALAND

5 REGULATIONS

6 STATE AND COMPULSORY BENEFITS

6.1 Retirement Benefits
  6.1.1 Introduction
  6.1.2 Eligibility
  6.1.3 Benefits
  6.1.4 Payment Options
  6.1.5 Contributions
6.2 Death in Service
  6.2.1 Introduction
  6.2.2 Eligibility
  6.2.3 Benefits
  6.2.4 Payment Options
  6.2.5 Contributions
6.3 Long-Term Disability Benefits
  6.3.1 Introduction
  6.3.2 Eligibility
  6.3.3 Benefits
  6.3.4 Payment Options
  6.3.5 Contributions
6.4 Short-Term Sickness Benefits
  6.4.1 Introduction
  6.4.2 Eligibility
  6.4.3 Benefits
  6.4.4 Payment Options
  6.4.5 Contributions
6.5 Medical Benefits
  6.5.1 Introduction
  6.5.2 Eligibility
  6.5.3 Benefits
  6.5.4 Payment of Options
  6.5.5 Contribution
6.6 Workmen’s Compensation Insurance
  6.6.1 Introduction
  6.6.2 Eligibility
  6.6.3 Benefits
  6.6.4 Payment Option
  6.6.5 Contributions
6.7 Maternity and Paternity Benefits
  6.7.1 Introduction
  6.7.2 Eligibility
  6.7.3 Benefits
  6.7.4 Payment Options
  6.7.5 Contributions
6.8 Other Benefits
  6.8.1 Unemployment Benefits
  6.8.2 Family Benefits
  6.8.3 Leaves and Holidays

7 PRIVATE BENEFITS

7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefit

8 APPENDIX

8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: New Zealand - Country Statistics
Table 3: New Zealand - Superannuation and Veteran’s Pension Benefits, April 2020
Table 4: New Zealand - Death-in-Service Benefits, April 2020
Table 5: New Zealand - Disability Allowance Income Limits, April 2020
Table 6: New Zealand - Long-Term Disability Benefits, April 2020
Table 7: New Zealand - Short-Term Sickness Benefits, April 2020
Table 8: New Zealand - Unemployment Benefits, April 2020
Table 9: New Zealand - Family Tax Credits, April 2020
Table 10: New Zealand - Youth Payment, April 2020
Table 11: New Zealand - Young Parent Payment, April 2020
Table 12: New Zealand — Leave - Fixed National and Public Holidays 2020


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