Discover all on the Old Age Pension Increase NZ: Possible Increase and Amount of Old Age Pension in 2024. Prior citizens who live in the workforce have to rely on savings and the state pension. Have a glance at the article we have shared on Old Age Pension Increase NZ.
Old Age Pension Increase NZ
The Old Age Pension NZ is adjusted periodically based on the current cost of living in the nation. Each year the changes are made in April typically considering the Consumers Price Index. The CPI attempts to track the changes in the standard price of goods and services mainly purchased for consumption. The exact pension amount disbursed to the senior chiefly depends on the livelihood, marital status and the period lived in NZ.
The Pensioners also receive SuperGold Card which confers benefits like free rides at public transportation, discounts from specific retailers and service providers, and also provides some amount of savings on food and medical prescriptions. To get the SuperGold card fill out the application form from the website or request for a physical card by giving a ring on the hotline number available on the website.
Amount of Old Age Pension in 2024
This is the suitable amount to maintain the everyday expenses at the age of 65. Normal payment to a married couple without any child is $439.79 per week. The country also has a universal health system so there is no need to have additional health insurance. The seniors will be treated in Government-run hospitals that are parallel to the private health centers in the developed country.
Citizens are not allowed to access the super fund until they turn the particular age decided by the government. At 65 most of the superannuation plans including the NZ Super begin to pay out to the beneficiaries. New Zealand also has a voluntary scheme known as the ‘KiwiSaver’ which helps New Zealanders to put aside some amount for retirement.
Old Age Pension Eligibility NZ
Some employees do earn a handsome amount therefore the contribution to the super account is small. At present, the eligibility requirements that should be maintained to get the Old Age Pension are shared below.
- Individuals must be legal residents dwelling in NZ.
- The citizen must be 65 years old to be a part of the Pension scheme.
- Recipient should have lived for at least 10 years after turning 20.
Immigrants who migrated to New Zealand must have contributed at least 10 years to obtain the Old Age Pension.
NZ ESCT Rate 2024
Being retired is not essential to get a pension, even the millionaire will still receive the fund. The Old Age Pension is a mandatory self-funded retirement scheme. The employer has to make a compulsory contribution of a fixed percentage of gross income to the employee’s super account. Here’s a list of ESCT rates for 2024 based on the employee’s gross salary.
| Gross Salary ( Employee) | ESCT Rate |
| $0 to $16,800 | 10.5% |
| $16,801 to $57,600 | 17.5% |
| $57,601 to $84,000 | 30% |
| $84,000 to $216,000 | 33% |
| $216,000 and above | 39% |
The ESCT rate is calculated at the start of 2024 for an employee based on their annual income. The contribution is the part of the employment cost. At the time of retirement, the super fund can be accessed as an additional pension income.
Possible Increase in 2024
NZ has a high quality of life along with good health care, education, and public services for seniors. Ultimately the retirement decision depends on the individual’s preferences and priorities. The significant change will be seen in the pension fund. The elderly are likely to receive a bit higher than the prior amount.
Refer to the table for a better visualization of the possible increase in 2024.
| Category | Weekly Pension |
| Single with a dependent child | $578.67 |
| Legally Married Couples | $439.79 |
| Single living alone without any dependent child | $532.43 |
These can be helpful if you are planning for retirement in 2024. Note that the above-shared dates can see a fluctuation in April after the new rates have been applied.
Old Age Pension Payment Dates 2024
The pension is usually paid on Tuesday each year. For 2024 the first and second payments are already made to the pensioners. In the upcoming month, it will be funded on the second Tuesday which falls on 12 Mach and 26 March.
Citizens can also download the pension payment calendar from the official Work And Income website of NZ. Remember in case the second Tuesday falls on a public holiday the amount will be transferred on the next day.