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Why pensioners in Norway are set to receive a big boost 

Frazer Norwell
Frazer Norwell - [email protected]
Why pensioners in Norway are set to receive a big boost 
Pensioners in Norway will see an increase of over eight percent for 2023. Pictured is a pensioner sat in their home. Pictured is a pensioner sat in their home. Photo by Artem Labunsky on Unsplash

Pensioners in Norway will receive an increase of around eight percent, while those with smaller pension pots will receive tax cuts. 

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In its revised budget for 2023, the government is proposing a significant raise for pensioners in Norway. A combination of wage rises and inflation regulates pensions in Norway. 

“The average price and wage growth this year will provide a significant boost for pensioners,” Prime Minister Jonas Gahr Støre told the Norwegian newspaper Aftenposten

Part of this year’s rise is also linked to a previous scheme from between 2014 and 2020 that left pensioners worse off overall. 

When using inflation and wage growth, pensions in Norway will rise by 8.12 percent this year, according to Erik Orskaug, the chief economist of the Unio trade union group. 

For those with a pension of 400,000 kroner, this would equate to a pension increase of 32,480 kroner for 2023. Meanwhile, everyone with a pension lower than 370,000 kroner will receive a tax cut. 

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“What is special this year is that we are also post-regulating. The figures from last year are now taking effect this year. The pensioners get a settlement that is significantly higher than others in the known settlements,” Minister of Finance, Trygve Slagsvold Vedum, said of the pension increase for 2023. 

In total, the government will put aside 1.2 billion kroner for pensioners making the minimum amount, Norwegian broadcaster TV 2 reports. 

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