Seniors to benefit from NZ Super rise

A married couple receiving New Zealand Superannuation or Veterans Pension will be better off by up to $700 extra a year, said Social Development and Senior Citizens Minister Ruth Dyson today.

“As part of Labour’s confidence and supply agreement with New Zealand First, we have committed to adjust New Zealand Superannuation annually to 66% of the average ordinary wage for a married couple – one percent higher than the legislation requires,” said Ruth Dyson.

The newly adjusted rate of New Zealand Superannuation, $439.80 (after tax at ‘M’) for a married couple who both qualify from 1 April 2008, is 66.23% of the net average weekly wage.

“National’s plan was to freeze NZ Super in real terms. Under a National government Super would have fallen to only 61% of the average ordinary wage, so that by this year, a married couple would have been receiving $34 less each week than what they are entitled to under the Labour-led government from 1 April.”

“Under National’s plan to freeze the amount of money that senior citizens would get at 61% of the average weekly wage, a married couple where both qualify for NZ Super would have been out of pocket by $1786.20 per year. The couple would only have gotten $405.45 per week instead of the $439.80 per week they will get from 1 April this year.

“Our government is continuing its commitment to older New Zealanders, by maintaining NZ Super at above 66% of the average wage. As a result NZ Super has increased by 8.5% in real terms since 1999.

"About 510,000 older New Zealanders will benefit from these increases and I'm absolutely delighted to say that Senior Citizens really are better off under a Labour-led government.”