Latest news with #GovernmentContribution
Zawya
4 days ago
- Business
- Zawya
Statement of the Inter-Ministerial Committee on the National Dialogue on the state of readiness for the first National Convention
Deputy President Paul Mashatile this week convened the National Dialogue Inter-Ministerial Committee (IMC) to receive a report on the state of readiness ahead of the first National Convention set to take place at UNISA's Muckleneuk Campus in Pretoria from the 15th to 16th of August 2025. The Deputy President chairs the IMC, which comprises Government Departments to coordinate the Government's contribution towards the National Convention and the National Dialogue. The IMC has been tirelessly mobilising resources for the convention and overseeing expenditures. The report, which was presented by the Chairperson of the Convention Organising Committee, Mr Boichoko Ditlhake, and NEDLAC Executive Director, Mr Makhukhu Mampuru, provided a comprehensive update on the work done and assured the Deputy President that all is on track for the two-day convention. Premiers and Mayors from the province and municipalities were among those in attendance, who have pledged their support. The IMC noted the decision by some Foundations to pull out of the preparations for the National Convention and requested that the Deputy President engage these Foundations in the process towards this inclusive dialogue. Furthermore, the IMC appreciated the efforts made to save costs on hosting the First National Convention of the National Dialogue. In particular, the IMC assured Deputy President Mashatile that all budgetary processes regarding the National Convention are consistent with the Public Finance Management Act (PFMA). NEDLAC and the Presidency are funding the first National Convention's costs from their existing budgets for secretariat support, communications, as well as logistics. All procurement and management of public funds will adhere to the PFMA and applicable Treasury Regulations. All funds will be accounted for through the normal public finance mechanisms. The Inter-Ministerial Committee further applauded the stakeholders who are providing in kind-support and also expressed appreciation to UNISA for offering to host the first National Convention as well as provide associated goods and services at no cost. UNISA is providing the venues for the plenary, overflow venues with livestream services, 10 breakaway venues, dining area and work areas. In addition, UNISA is providing facilities for an Operations Centre, which has been running over the past week with catering, ushers, audio-visual services, printing of discussion documents, signage, conference bags, notepads, pens and WiFi. The IMC emphasised the importance of the First National Convention and the National Dialogue being citizen-led and fully inclusive. The IMC called for communities to raise all issues so that they can be addressed and attended to accordingly. As chair of the IMC, the Deputy President welcomed the report and affirmed Government's commitment to supporting the first National Convention to kick-start the citizen-led and inclusive National Dialogue. The budget formulation will rely on in-kind contributions, donations, and other mobilisable resources. Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.
RNZ News
06-06-2025
- Business
- RNZ News
Are you missing out on your last chance for $521 of 'free money'?
The Kiwisaver contribution cost the Government about $1 billion last year. Photo: 123RF Time is running out for KiwiSaver members to ensure they get the full $521 in their accounts from the Government this year - the last time that amount will be available. When people contribute at least $1042 into their KiwiSaver accounts in the year to 30 June, they can receive the maximum $521 from the Government. Those who contribute less receive the credit at a rate of 50c per $1 contributed. But this is the last year that $521 will be available - from next year, the contribution will be halved and people who earn more than $180,000 a year will not qualify for any credit at all. Anyone who earns more than about $34,000 and contributes 3 percent of their income to KiwiSaver will probably have contributed enough to get the maximum. But each year, many people miss out. Only about two-thirds of all KiwiSaver members receive the contribution. For those missing out it may be because they are not working, on a contributions holiday or self-employed and not contributing enough. Of those receiving a contribution, 77 percent received the full $521.43. The contribution cost the Government about $1 billion last year. A Fisher Funds spokesperson said about 60 percent of its members usually received the contribution. There was usually a spike in contributions in the last week of June, she said. "We ran a campaign and emailed clients who hadn't yet reached the $1042 threshold. Of those more than 4000 have contributed the full amount. And 1500 have made a deposit to get the 50c for every dollar they have contributed." Westpac said over the last two years, 44 percent of eligible members did not receive the maximum top-up. "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," said Nigel Jackson, Westpac KiwiSaver scheme provider BT Funds Management chief executive said. "There may be a variety of reasons why people haven't contributed up to the threshold, for example, 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 percent." At Pie Funds, chief executive Ana-Marie Lockyer said about 85 percent of members received the full amount. "Government contributions can have a big impact on KiwiSaver balances at retirement, and it's a shame so many people are missing out. As an industry there's always more we can do to boost awareness and ensure more KiwiSavers benefit, recognising that even following the recent budget changes this contribution along can grow to more than $41,000 over a 16-year old's working life." The Retirement Commission said, for people earning less than $30,000, the contribution as expected to create up to 20 percent of their balances at 65 on the existing settings. Once the government contribution is halved, it will be 6 percent to 11 percent. "For members earning $100,000, the percentage point change is much smaller, with the government contribution reducing from 5 percent down to 1 percent of accumulated balance, and from 3 percent down to 0 percent for members with earnings of $180,000."
