What are the statutory pension benefits in New Zealand?

In New Zealand, the statutory pension benefits are provided through KiwiSaver, a work-based retirement savings plan.

• Employees are automatically enrolled in KiwiSaver.
• Employers are required to register their employees with Inland Revenue, which manages the KiwiSaver plans.
• Employees may make contributions from their salary, and employers can match these contributions, with the minimum employer contribution being at least 3%.
• These employer contributions may be considered part of the remuneration agreed upon in the employment agreement.
• Employees have the option to opt out of KiwiSaver, in which case the employer is no longer obligated to make contributions.