Norwegian pensioners saw an average 7 per cent increase in their retirement pensions in 2023, compared to 2022, data from the Norwegian Labor and Welfare Agency (NAV) reveals.

Retirement pensions are based on an individual’s national insurance contributions and are usually taken at the age of 67. The average retirement pension amounted to NOK 288,200 which is NOK 18,700 more than in 2022.

Taking into account the rise in prices, the real value of the average annual retirement pension increased by 1.3 per cent from 2022 to 2023. For comparison, Statistics Norway's preliminary figures for wage growth in 2023 show that employees received a real wage decrease in 2023 of 0.1 per cent.

NAV department director, Ole Christian Lien, said the increase in pensions is “welcome after many [pensioners] experienced a fall in purchasing power in 2022”.

During the last 10 years, the real value of the average retirement pension has increased by 1.4 per cent. The development is then adjusted with the price increase. Without price adjustment, the increase has been 37 per cent.

At the end of December 2023, 1,039,500 people received a retirement pension in Norway.

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