Significant increases to Superannuation, benefits, student support
The Government has announced significant increases to Superannuation, main benefits and student supports as part of a "bread and butter support" package coming into effect on April 1.
It's expected to cost an additional $311 million, but the Government said it means about 1.4 million New Zealanders will "not go backwards" as most of the changes are aligned with increases in inflation.
The announcement comes on the same day StatsNZ revealed food prices rose 12 percent in the year to February, the highest annual increase since 1989.
In 2019, the Government made changes so annual increases to main benefits are tied to increases in the average wage, which has traditionally risen faster than inflation.
However, with inflation rising so quickly recently - it was 7.22 percent in the December quarter - Cabinet has this year agreed to also increase main benefits by the same. In comparison, the net average wage rose by 6.24 percent.
So how much more money is that?
Link to video and article: 'Every little bit counts': Significant increases to Superannuation, benefits, student support (msn.com)
