Norway to raise retirement age. This birth cohort will be the first to feel the changes

The Norwegian parliament has already decided to raise the standard retirement age. The reform is now approaching implementation. Labour Minister Kjersti Stenseng of the Labour Party hopes that the new regulations will come into force at the beginning of 2029, according to information reported by Nettavisen. The changes are to be introduced gradually and will affect successive birth cohorts.

From 2029, age thresholds in Norway's pension system are set to be gradually raised. Each successive birth cohort will have to work slightly longer to receive benefits at a level similar to that of earlier generations. The change will therefore not happen for everyone at the same time. Its scale will be directly linked to the year of birth.<br /><br />The first people to feel the effects of the new rules are expected to be those born in 1964 and later. Insurance company Storebrand indicates that the thresholds related to the possibility of retiring begin to rise for the 1964 cohort, due to increased life expectancy. Later cohorts will work even longer. According to calculations by the Norwegian Confederation of Trade Unions (LO), cited by Nettavisen, a person born in 1973 will be able to receive a pension from the age of 63 instead of 62.

One of the main reasons for the reform is the increasing life expectancy of Norway's residents. The state wants to limit the growth in pension system costs, as benefits are paid out over an increasingly long period. Statistics Norway (SSB) points out that one of the aims of the changes is to maintain the stability of public finances. Longer working lives are also intended to increase the number of people remaining in the labour market.<br /><br />Additional months or years of work also mean a longer period of paying taxes. This is expected to increase state revenues and reduce pressure on the pension system. SSB also points to the level of future benefits, as with an unchanged retirement age, the money would have to be spread over an increasingly longer lifespan. Raising the age is therefore intended to help keep the monthly pensions of future generations at an appropriate level.

At the same time, solutions are planned for people who, due to their health or long-term work strain, will not be able to remain professionally active as long as others. Details concerning compensation and a special allowance for such workers are expected to determine who will receive additional support. These regulations will supplement the system of gradually raising the retirement age.