More than 900,000 superannuitants and almost 5,000 veterans are among the New Zealanders set to receive a significant financial boost from next week, with most MSD payment rates to increase from 1 April.
Social Development and Employment Minister, Louise Upston says the Annual General Adjustment (AGA) boost will help with cost-of-living challenges.
“Overall, this year’s AGA means around 1.5 million New Zealanders will get an increase to reflect the cost-of-living, ranging from just over 2% to around 3%,” said Ms Upston.
“MSD has already begun communicating about specific increases, and from next Tuesday, that means pensioners, parents, students, and people on main benefits will all get a little extra, helping hundreds of thousands of Kiwis.”
The AGA will see:
- 933,200 superannuitants and 4,900 veterans get a boost to New Zealand Superannuation and Veteran’s Pension;
- 409,300 main beneficiaries get a higher payment;
- 47,400 students will see an increase in their allowance;
- 70,000 non-beneficiaries getting supplementary assistance are expected to be better off.
“Since 2024, benefit rates have kept pace with the Consumers Price Index (a measure for the cost of living). For the year ending December 2024, the Consumers Price Index was 2.22%,” said Minister Upston.
“Pensioners will notice an extra boost to their New Zealand Superannuation or Veteran’s Pension this year, with their total increase around 3%. This is because of the relationship to the net average wage, which forms part of the rate calculation,” she said.
