Labour have released a policy which promises to increase KiwiSaver earnings for employees by introducing stricter regulations for employers.
If elected, the party says employer contributions will become mandatory from July 1, 2028, with the minimum contribution rising to 6% by 2032.
Under Labour's policy, employers' contributions will be required to remain consistent, including when employees lower or pause their own payments and for those on paid parental leave or over the age of 65.
The employee default rate will change to 4%, but Labour said they will remove the minimum contribution rate, so workers have the ability to set their payments lower.
New total renumeration contracts will also be banned.
Describing Labour as the "party of KiwiSaver", Labour leader Chris Hipkins said changes to the current regulations are needed.
"Today KiwiSaver funds exceed $138 billion and are an important source of investment in our economy," he said.
"Under National too many New Zealanders are struggling to pay the bills, let alone save for tomorrow. More than a million working-age KiwiSaver members aren’t contributing at all, while 83,400 are on a savings suspension."
Hipkins credited the late Sir Michael Cullen with creating KiwiSaver, noting National had voted against the scheme when it was first introduced.
"New Zealanders cannot afford another three years of going backwards. Labour will get our economy growing again so working people can build something for their future."
Labour finance spokesperson Barbara Edmonds said all working Kiwis would benefit from the proposed changes.
“We’ll make KiwiSaver fairer for parents, older Kiwis and broaden who benefits – working with self-employed New Zealanders on more flexible ways to build their savings in the scheme," she said.
"We’ll phase changes across our KiwiSaver policy carefully, giving workers and businesses certainty."
Edmonds also took direct aim at a rival National Party KiwiSaver policy, arguing Labour's approach offered greater flexibility for workers.
"National has made it harder for Kiwis to save and now wants to force workers to put more in," she said. "Labour will require employers to contribute at the same amount as National is proposing but give workers more flexibility when money is tight."
She said the party would also look at broadening access to the scheme.
"We'll also make KiwiSaver fairer for parents, older Kiwis and broaden who benefits – working with self-employed New Zealanders on more flexible ways to build their savings in the scheme."
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