New Zealand Proposes Income Insurance Program

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Feb. 4, 2022, 9:39 PM

A proposed New Zealand income insurance scheme would be funded by a new payroll tax on employers and employees, the country’s Ministry of Business, Innovation, and Employment said Feb. 2.

The program would provide income replacement for individuals who lose their jobs through redundancy, layoffs, or because of health conditions or disabilities, the ministry said in a news release.

The ministry’s proposal elaborates on the associated payroll tax, which would have an estimated rate of 1.39% for both employers and employees and a total rate of 2.77%. The proposal suggested that the maximum assessable annual income should be NZ$130,911 …

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