December 6, 2021

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Pension, Pension Pension |  One million Norwegians receive increased pensions: Here are the sums

Pension, Pension Pension | One million Norwegians receive increased pensions: Here are the sums

Politicians have confirmed that nearly 1 million pensioners will receive increased pensions and post-pay from this spring.

The good news is that pensioners are getting back on track with this year’s Social Security solution.

Sorting decided earlier this year that the old-age pension should have an annual salary increase of 3.83 percent by 2021. Hence the need to re-enforce the pension provision.

– Nearly one million pensioners are now receiving increased annual pensions and post-payments for May, Labor and Social Affairs Minister Hadia Tajik (Labor Party) said in a statement. There is an increase in the annual pension for all those who retire above the minimum level.

Also read: Bad news for those who save for leisure

1600 kroner

The modified Social Security solution is NOK 1,000 more than the annual pension for the individual. In addition, pensioners can expect post-NOK 600 payments in May-November. Storting has set aside 650 million rupees in this year’s budget for this increase.

The monthly fee has been increased for most people since December. In December, the post-payment of the special increase for the May-November period is paid.

Tajik insists that this should be considered an interim arrangement. In the future, pensioners will have to adjust their pension payments, which will be controlled by the average wage and rising prices.

Also read: NHO proposes cuts in pensions for married retirees

Higher price growth

Currently inflation is high. 3.5 percent, And is higher than the wage growth expected this year. If we look at them, for example The latest forecasts from Norges Bank, They forecast a 1.2-1.9 percent increase in wholesale prices in the coming years.

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Wage growth is expected to be above 3 percent. According to the central bank, pensioners can expect an annual growth of 2-2.5 per cent in future payments.

The re-regulation for 2021 is the result of 2021 being an intermediate year between the old rules and the new rules. Next year, new projects will be introduced.

– I am pleased to have a new regulatory system that is secure and predictable from 2022 onwards. Tajik says in a statement that this ensures that pensioners do not go red when employees go red.

Also read: Simple action can save you up to 30 percent on retirement

Low and high ratio

What does this give in total payments? Yes, NOK 167,125 has been fixed at the lowest rates since 1 May 2021. This rate is offered to those living with a retired spouse, up to the age of 65 AFP in the public sector or AFP in the private sector withdrawn before 2011.

Those receiving a lower-than-normal rate pension can expect NOK 193,429, while those with a higher NOK 203,545 rate

Since July 1, 2021, the special charge for singles has increased by NOK 5,000. This is an addition, so here from July 1 the NOK is 224,878.