The New Zealand government has set aside $60 million from the 2022 budget to support the continuing development of the New Zealand Income Insurance Scheme (NZIIS).

In his Wellbeing Budget 2022 speech, Finance Minister Grant Robertson (pictured above) said the government is working with BusinessNZ and the Council of Trade Unions to jointly design the NZIIS. The scheme aims to support New Zealanders who lose their jobs through no fault of their own, Robertson said.

“The scheme will better protect workers and incomes, and also increase the availability of skilled workers,” Robertson said. “It will help communities and industries during economic shocks and transitions, contributing to a more secure economy.”

The scheme was initially pegged to be operational by next year, but in the Wellbeing Budget speech, Robertson pushed back the implementation date to 2024 because there is “considerable work” needed to get the scheme running.

Robertson also mentioned several changes to Budget 2022, such as a multi-year funding cycle for health services and the creation of an enduring, multi-year Climate Emergency Response Fund.

“This budget represents a major step towards a future where we provide economic security to all New Zealanders, while delivering higher-wage jobs that support a low-emissions economy,” Robertson said.