Updated on February 13, 2024
Welcome to this article, where you’ll learn about Superannuation Payments in 2024, covering rates, increases, due dates, payment dates, and contributions. Superannuation is a financial benefit provided to eligible New Zealanders aged 65 and above. These are federal fortnightly benefits delivered to qualifying residents based on specific eligibility criteria. In 2024, changes are expected in the amount of superannuation benefits, with payments contingent on living arrangements and partners. For more details on Superannuation Payments in 2024, including due dates, contributions, and more, keep reading.
Superannuation Payments 2024
The Federal New Zealand Government offers superannuation for individuals aged 65 years or older. These benefits serve as federal financial aid, assisting low-income retiree seniors with their living expenses. The NZ Superannuation payment, established by the New Zealand Retirement Act 2001, acts as a supplementary retirement income to support basic necessities.
In 2024, beneficiaries can expect higher rates of Superannuation Payments, reflecting the aim to address rising inflation and the cost of living. The amount of Superannuation Payments will vary based on specific circumstances, including individual factors such as marital status, living situation, tax code, and whether the individual is receiving any overseas pension. Importantly, these benefits are not subject to income or asset testing and are determined based on the income earned by the individual.
Superannuation Rates 2024
Every year, the federal revenue agency establishes the Superannuation Payment rates at the beginning of the fiscal year. These rates are federally mandated and remain valid from April 1 to March 31 of the following year. Currently, beneficiaries will continue to receive the same rates until March 31, 2024, including the specified amount.
Single individuals living alone or with a dependent child will continue to receive a weekly payment of $578.67, a monthly payment of $1,157.34, and an annual payment of $30,090.84. These payments are provided as gross/before-tax amounts. After tax, with a total annual income of $48,000, the annual payment will be $496.37 per week.
The single individual living with someone who is not their partner will receive a weekly amount of $532.43, a fortnightly amount of $1,064.86, and an annual amount of $27,686.36. For couples meeting the eligibility criteria of Superannuation Payments, the weekly amount will be $439.79, the fortnightly amount will be $87.58, and the annual amount will be $22,869.08. Couples in which one of them meets the eligibility criteria will receive $439.79 per week, $879.58 fortnightly, and $22,869.08 annually.
Superannuation Payments Increase 2024
The new federal rates for superannuation will be announced at the beginning of the new fiscal year. The increase in payments will be determined based on rising inflation and the cost of living expenses for seniors. Currently, superannuation recipients are granted the same federal rates that they received in the previous year.
In 2024, Superannuation Payments will be increased, providing higher rates of benefits compared to previous payments. All eligible beneficiaries can expect to receive their new increased benefits payments starting from April 1, 2024. These payments represent vital income support and care provisions for eligible retirement plans.
Due Dates
If the due dates for Superannuation Payments fall on weekends or public holidays, contributions must be received by the fund before the start of the next business day. Payments are made quarterly and are scheduled as follows:
- Contributions for the period of July 1 to September 30 will be made on October 28.
- Contributions for the period of October 1 to December 31 will be made on January 28 of the following year.
- Contributions for the period of January 1 to March 31 will be made on April 28.
- Contributions for the period of April 1 to June 30 will be made on July 28.
During these periods, eligible recipients will receive their Superannuation Payments as scheduled.
Payment Dates
Beneficiaries receive their federal benefits payments as fortnightly payments. In February 2024, eligible recipients will receive their financial assistance on the 13th and 27th of February.
In March 2024, beneficiaries will receive their federal financial assistance on the 12th and 26th of March. Regular fortnightly payments will resume thereafter, starting on a Tuesday.
Contribution
For Superannuation Payments, employers are required to contribute 15% of their employees’ base salary to the superannuation fund. These contributions are set aside for employees’ retirement and the employer is obligated to make contributions on behalf of the employee to their nominated super account.