NEW ZEALAND - The opposition National Party has proposed a plan to finance cuts in personal tax payments by reducing contributions to the government's KiwiSaver pension fund.
English said: "National's KiwiSaver package strikes the right balance between savings and supporting economic activity in today's environment.
"National will ensure that KiwiSaver is accessible, and contains incentives to enrol and retain as many New Zealanders as possible. The bulk of the scheme will therefore remain unchanged."
Planned changes included the reduction of the minimum contributions demanded of employees to 2% of gross salary.
Employers would also be required to make minimum contributions of 2% of gross salary for each of their employees who are KiwiSaver members.
In addition, he said the tax credit currently paid to employers whose staff were enrolled in KiwiSaver would be discontinued.
National also planned to repeal recent legislation which, it said, "effectively discriminated against some employees who can't afford to join KiwiSaver".
He added his party would ensure KiwiSaver members would keep their current KiwiSaver entitlements and that future members of the scheme would continue to receive significant contributions from the government and matching contributions from their employers.
National said the other measure it planned to introduce to finance personal tax cuts would be to discontinue the current tax credits applied to research and development.
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