Updated on August 4, 2024
In this article, we’ll delve into the 2024 Superannuation Payments, covering Rates, Increases, Due Dates, Payment Dates, and Contributions. Superannuation is a financial support provided to eligible New Zealanders aged 65 and above. These federal benefits are distributed fortnightly, determined by specific eligibility criteria. Changes in the 2024 benefits will be influenced by living arrangements and partners. Explore this article for insights into Superannuation Payments 2024, including due dates, contributions, and more. Keep reading to stay informed.
Superannuation Payments 2024
The New Zealand government offers superannuation to individuals aged 65 and older, providing financial aid to low-income retirees for their living expenses. Established under the New Zealand Retirement Act 2001, NZ Superannuation serves as supplemental retirement income.
In 2024, beneficiaries can expect increased payment rates, addressing rising inflation and the cost of living. The Superannuation Payments for the year will be influenced by factors such as individual circumstances, marital status, living arrangements, tax code, and whether they receive overseas pension. These benefits are not subjected to income or asset testing, being based on the individual’s earned income.
Superannuation Rates 2024
Each fiscal year, the federal revenue agency establishes Superannuation Payment rates, effective from April 1 to March 31 of the following year. Beneficiaries can anticipate consistent rates until March 31, 2024, encompassing the specified amounts.
If you’re a single person living alone or with a dependent child, your weekly Superannuation Payment remains at $578.67. This equates to $1,157.34 per month and $30,090.84 annually, provided as a gross/before-tax payment. After tax, with a total income of $48,000 per year, you’ll receive $496.37 per week.
Superannuation Payments Increase 2024
Every fiscal year begins with the announcement of new federal rates, influenced by factors like rising inflation and the increased cost of living for seniors. Presently, superannuation recipients receive the same federal rates as the previous year.
In 2024, beneficiaries can anticipate higher rates, reflecting an increase in Superannuation Payments compared to the previous year. All eligible recipients will start receiving their enhanced benefits from April 1, 2024. These adjustments aim to provide ongoing support and financial assistance for retirees.
Due Dates
If your due date for Superannuation Payments falls on a weekend or public holiday, ensure your contribution reaches the fund by the next business day.
Payments are made quarterly with the following schedule:
- July 1 to September 30 payments are scheduled for October 28.
- October 1 to December 31 payments are scheduled for January 28.
- January 1 to March 31 payments are scheduled for April 28.
- April 1 to June 30 payments are scheduled for July 28.
During these periods, eligible recipients can expect to receive their Superannuation Payments on the specified due dates.
Payment Dates
Beneficiaries receive their federal benefits payment biweekly, and in February 2024, eligible recipients will receive financial assistance on the 13th and 27th of the month.
In March 2024, beneficiaries will receive their federal financial assistance on the 12th and 26th of the month. Regular biweekly payments will resume on Tuesday.
Contribution
For Superannuation Payments, employers are required to contribute 15% of their base salary to the superannuation fund. This contribution is set aside for your retirement, and the employer is responsible for making payments on behalf of the nominated super account.
For a single individual living with a non-partner, the weekly amount is $532.43, fortnightly is $1,064.86, and annually is $27,686.36. Eligible couples receive $439.79 weekly, $87.58 fortnightly, and $22,869.08 annually. Couples where only one meets the eligibility criteria get $439.79 weekly, $879.58 fortnightly, and $22,869.08 annually.
