Labour unveils KiwiSaver overhaul with mandatory employer contributions

<p>Labour have released a policy which promises to increase KiwiSaver earnings for employees by introducing stricter regulations for employers.</p> <p>If elected, the party says employer contributions will become mandatory from July 1, 2028, with the minimum contribution rising to 6% by 2032.</p> <p>Under Labour's policy, employers' contributions will be required to remain consistent, including when employees lower or pause their own payments and for those on paid parental leave or over the age of 65.</p> <p>The employee default rate will change to 4%, but Labour said they will remove the minimum contribution rate, so workers have the ability to set their payments lower.</p> <p>New total renumeration contracts will also be banned.</p> <p>Describing Labour as the "party of KiwiSaver", Labour leader Chris Hipkins said changes to the current regulations are needed.</p> <p>"Today KiwiSaver funds exceed $138 billion and are an important source of investment in our economy," he said.</p> <p>"Under National…