Norway increases minimum pensions for 150,000 citizens

The Norwegian government has announced an increase in minimum pensions for approximately 150,000 pensioners. Following a budget agreement between the Labor Party, Red Party, Socialist Left Party, Center Party, and Green Party, an extra boost of up to 8,000 NOK per year will be provided, in addition to the standard social security adjustment.

Most affected pensioners will receive back payments for the period from May to August in their September payments. From October, the new rates will be applied to monthly disbursements. For single minimum pensioners, the total annual increase—combining the political boost and the standard 4.69 percent adjustment—amounts to 21,000 NOK compared to levels before May 1.

The full 8,000 NOK annual boost applies to individuals born in 1953 or earlier. Those born between 1954 and 1962 will receive a proportional share based on a combination of old and new rules. Minister of Labour and Inclusion Kjersti Stenseng stated that the measure is intended to provide economic security for those with the least resources.