The $5 billion new tax?

Newshub reports:

An unemployment insurance scheme could cost anywhere between $450 million and $5 billion a year, depending on how many people lose their jobs and how generous it is, the Ministry of Social Development (MSD) says.

This scheme will be funded by a new tax (levy) on every employer and employee in New Zealand. So if there is a recession and lots of people lose their jobs, the tax will increase and your take home pay will drop in the middle of a recession!