NEW ZEALAND - Enrolment in the KiwiSaver scheme is occurring three times faster than was predicted, with more than 260,000 New Zealanders enrolled four months after it was launched.
As of 29 October, the total number of KiwiSaver enrolments processed by Inland Revenue had reached 261,011. This is a 22% increase in enrolments since figures were last reported on 5 October.
Payments of NZ$69m (US$53.3) have been received from members and employers since 1 July. Over $58m in payments were scheduled to be paid to providers in October, including $44m in Crown contributions.
The figures also showed that, of the 260,000 enrolments, 120,951 people actively chose a provider and went directly to a scheme to enroll; 75,687 people actively chose to join KiwiSaver and enrolled via their employer; 64,373 new employees were automatically enrolled by their employer.
Finance Minister Michael Cullen and Revenue Minister Peter Dunne said: "The public response to KiwiSaver has been overwhelmingly enthusiastic. We expect enrolment growth to remain strong in the coming months, if not as rapid as has been experienced in the first few months.
"All signs are that KiwiSaver will be even more popular than many experts predicted."
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