Another pension increase for seniors
On the 9th of April this year all senior citizens will have received an increase of 2.44% to their Super rates.
In fact, since April 2008, all rates of NZ Super have increased by 25%. This is a major increase in what has been challenging economic times for the Government.
This is great news for Kapiti and Horowhenua because we have the highest proportion of residents aged over 65 years in New Zealand.
The married rate of super has gone up by $220 a fortnight and the single living alone payment increased by $143 a fortnight since 2008.
As you may know, NZ Super is tied to the after-tax wage. This means that a growing economy and tax cuts will always flow into higher payments for superannuitants.
This is why the Government is focussed on balancing the books and growing the economy.
New figures show that the economy grew by 3% last year. This is a remarkable achievement given the tough economic conditions around the world with so many countries struggling.
Last week the Finance Minister Bill English reconfirmed the Government’s plan to get back into surplus next year. So many other countries around the world are now heavily in debt and can only dream about being in our strong position.
It’s no wonder that IMF, the world’s economic watchdog, praised New Zealand last week. IMF Director Christine Lagarde said that our position is “…very stable and it is also very promising….It’s certainly a lot better than what we see in other parts of the world.”
Getting the economy back on track has real benefits for everyone in the community, and not just for superannuitants. Our interest rates are the lowest they’ve been in decades which makes a real difference to homeowners paying off a mortgage.