NZ government proposes income insurance scheme

An Insurance Business Magazine article.

The New Zealand government has proposed a state-run income insurance scheme that will pay up to 80% of a worker’s wages for up to seven months if they are laid off, made redundant, or affected by a health condition or disability that prevents them from working.

The proposal also includes up to 12 months of support for re-training. The New Zealand Income Insurance Scheme was jointly designed by the government, Business New Zealand and the New Zealand Council of Trade Unions, and will be administered by the ACC. It will be funded by levies on wages and salaries, with both workers and employers paying an estimated 1.39% each.

Read more.