Okay,I will create a new,evergreen news article based on the provided source,following all the instructions and constraints.
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STEP 1 – ANALYSIS (silent)
primarykeywords – KiwiSaver contributions, government contribution, retirement savings, Budget 2025, KiwiSaver changes
audience – new Zealand residents with KiwiSaver accounts
tone – Informative, helpful, urgent
datelinelocation – WELLINGTON
evergreenbackgroundtopics – Personal finance, retirement planning, government policy, investment
originalbrandterms – 1News, TVNZ, Breakfast
STEP 2 – REWRITE & OPTIMISE
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time is Running Out to Claim Full KiwiSaver Government Contribution
WELLINGTON – KiwiSaver members have a limited time left to secure the maximum $521 Government contribution before changes announced in last month’s Budget take effect.
To receive the full $521.43 contribution from the Government, individuals need to contribute at least $1042.86 to their KiwiSaver accounts by June 30.
The government provides 50 cents for every dollar contributed.
Though,as part of Budget 2025,Finance Minister Nicola Willis announced that the government’s $521.43 contribution to KiwiSaver would be halved from July 1.
The maximum contribution will be $260.72 a year,at 25 cents per dollar of employee contribution.
Eligibility will be limited to those earning under $180,000 a year.
many people miss out on this “free money” each year because they are not working, are on a contributions holiday, or are self-employed and not contributing enough.
In 2024, approximately two-thirds of KiwiSaver members received the government contribution, with 77% of them receiving the full $521.43.
These contributions cost the government about $1 billion last year.
providers Urge Savers to Act Now
ANZ investments managing director Fiona Mackenzie said last year around 61% of members received the full government contribution and a further 16% a partial contribution, around $200 million to the scheme’s members.
“Contributions from our members are on track to be similar this year. We are really encouraged by this,considering the current economic conditions.”
Mackenzie mentioned that ANZ offers a digital tool to help customers track their progress toward the government top-up.
“They’ll get an estimate of how much they are on track to get, and an indication of how much more they need to contribute to ensure they get the full government contribution.”
There’s still time for those who haven’t yet hit the $1042.86 threshold.
ASB is proactively contacting customers not on track to receive the maximum contribution, particularly those who missed out last year.
Executive general manager personal banking Adam Boyd said 73% of its eligible KiwiSaver members had contributed enough to receive a full or partial contribution.
“Because this is the last year to receive the $521.43 from the government, we’d encourage New Zealanders to keep track of their contribution status and make sure they have contributed enough before the end of June to ensure they get the full amount, and the earlier the better,” he said.
“Every little bit counts and can make a big difference over time.”
BT Funds Management chief executive Nigel Jackson, who oversees the Westpac KiwiSaver Scheme, said members could make a one-off voluntary contribution to get them over the line.
“People who are in a financial position to top up their KiwiSaver contributions to $1042.86 for the year should do so,to maximise their retirement savings for the year.”
Over the last two years, 44% of eligible Westpac KiwiSaver members missed out on the maximum top-up because they hadn’t contributed the required $1042.86, Jackson said.
“There may be a variety of reasons why people haven’t contributed up to the threshold,such as,some members may be on parental leave,some may be working part time,or others may have temporarily suspended contributions.
“However, if people can afford to top up their contributions, they should do so, as every dollar contributed up to the threshold has an immediate investment return of 50%.”
Fisher Funds general manager of KiwiSaver David Boyle told Breakfast last month that June 2025 will be the last chance to get the full $521.43 contribution.
“If you have $1042.83 and you haven’t put it in, get that 50 cents from the dollar from the government,” he said.
“If you can’t get the full amount – because it’s a lot of money – you can still put in $100 or $500. For every dollar, the government will give you 50 cents.”
