Norwegian pensioners had increased purchasing power in 2024, as on average, pension payments were 4.4 per cent higher than in 2023, while inflation was 3.1 per cent, according to the Norwegian Labour and Welfare Administration (NAV).

The average retirement pension from the National Insurance Scheme totalled NOK 300,500 before tax, which is NOK 12,600 more than in 2023.

“This is welcome, as high inflation led to stagnation and at times a decline in purchasing power for many pensioners during the coronavirus years of 2020-2022," NAV director, Ole Christian Lien, said.

“This year too, the forecasts indicate that pensioners will have more to spend. We expect the biggest increase for single minimum pensioners, as the Storting has decided to increase the rate by NOK 6,000 a year from 1 May over and above the ordinary adjustment,’ he added.

Over the past 10 years, the real value of the average retirement pension has increased by 1.5 per cent. Without price adjustment, the increase has been 38.5 per cent (nominal development).

At the end of December 2024, there were 1,060,500 people receiving retirement pension, 21,000 more than at the end of 2023.

“By 2025, we expect higher growth than in 2024. This is due to the AFP reform in the public sector, which from this year makes it possible to take out AFP from the public sector and a retirement pension at the same time," Lien said.

In 2024, 68,300 people started drawing their retirement pension. This is roughly unchanged from 2023, when the number was 68,500. The decrease from 2023 to 2024 was 0.3 per cent.

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