New Zealand Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefi

New Zealand Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update

Summary

The report provides in-depth industry analysis, information, and insights into employee benefits in New Zealand, including an 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.

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 benefits), 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.

Key Highlights

• Ministry of Social Development (MSD), Inland Revenue, and Employment New Zealand are responsible for the functioning of the overall social security system.
• 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 a credited contribution.
• In New Zealand, employers provide voluntary retirement benefits to their employees through Registered superannuation schemes and master trusts.

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, worker's compensation insurance, maternity and paternity benefits, unemployment, family benefits, minimum resources, leaves and holidays 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 the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies