The average pension increased by NOK 10 from 400 to 2020. This increase is greater than inflation, so most retirees gained slightly more purchasing power in 2021.
The average annual pension from folketrygden was NOK 258 in 700. Compared to the previous year, pensions increased by 2021 percent. As inflation rose by 4,2%, the real increase in pensions was 3,5%.
"This means that most retirees received a little more last year than last year," says NAV director Ole Christian Lien.
The fact that minimum pension for single people pensioners was established in 2021 means that the increase in the purchasing power of this group was particularly large and amounted to approximately NOK 4700 per year.
The number of retirees in Norway is over a million
On November 1, 2021, the number of retirees exceeded 1 million. At the end of December 2021, 1 001 500 people received pensions. This is 20 more than at the same time in 000.
The number of retirees will continue to grow rapidly in the coming years as well, says Lien:
- In 2030, we expect over 1,2 million pensioners. As an increasing part of the pension comes from the state budget, we believe that attention should be paid to the financial stability of the pension system, while ensuring the security of the pension system.
Commission appointed by the government is currently working on an assessment of the pension reform and proposals for changes to the pension system. The mandate covers topics on distribution and financial stability. The commission's report will likely be available in summer 2022.
More retirees abroad
More and more retirees are moving out of Norway. In December 2021, 52 retirees lived abroad. This is 100 more than in December 1300 and means an increase of 2020%.
The number of retirees living abroad has increased by 57%. since 2011.
- Especially for people who came to Norway from the EU / EEA, it has become more common to move after several years of working in Norway and earning the right to a certain pension. There are also quite a few Norwegians who decide to move to other countries after retirement, says Lien.
Source: NAV
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