FSC welcomes release of income insurance scheme discussion paper

The Financial Services Council (FSC) has welcomed the release of a discussion paper on the Government's proposed income insurance scheme.

“The development of a national income insurance scheme is a significant step and one that needs to be carefully considered,” said FSC Chief Executive Richard Klipin.

“We look forward to engaging constructively with the proposal released today and ensuring that the voice of our members is heard as the Government refines and develops the policy from here.

“With unemployment currently at a historical low and a large fiscal cost to the scheme, it’s essential that the Government takes the time to get this right and that industry feedback is taken onboard.

“It is also important to note that the scheme caps financial support at six months so if it is implemented the need for New Zealanders to still carefully manage and protect their own financial risk profile will remain.

“We know that the future of work is going to be dynamic and challenging and consideration of an income insurance scheme will be an important part of it. We welcome the opportunity to be a part of this national conversation,” concluded Klipin.