$3.5B a year income insurance proposal unveiled

The new scheme would help cushion the workforce and government finances in times of economic hardship. (Image: Deposit Photos)

Pattrick Smellie

Wed, 02 Feb 2022

Workers and their employees will each pay 1.39 cents in the dollar in new annual levies to fund a proposed national income insurance scheme that will buffer workers who lose their jobs through restructuring, recessions or personal illness.A public consultation document on the proposed scheme was published today, based on the work of a tri-partite group involving the government, Business New Zealand, and the NZ Council of Trade Unions.It would be administered by the Accident Compensation Corp and funded by a levy system similar to the way the no...

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