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Norway

Employee Benefits Report

Highlights Overview ADD TO BASKET
Product Employee Benefits Reports Rev Norway

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in Norway

  • Details of the state and compulsory benefits
  • Insight into typical market practice
  • Examines changes to the costs and benefits of social security and mandatory benefits requirements
  • Demographic and economic information including projections
  • Mandatory pension provision, normal and parental leave and other state benefits
  • Details of applicable taxation
  • Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for Norway.  Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for Norway provides expert analysis of the Norwegian benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in Norway or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in Norway, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in Norway, the report outlines the employment benefits requirements for your employees in Norway. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of Norway, the local political situation, and climate, operational, and security risks.

Norway Report Extract

Below is a very brief extract of information from Norway Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided through the National Insurance Scheme, administered by the Norwegian Labour and Welfare Administration (Arbeids- og velferdsforvaltninga - NAV).

In addition, retirement benefits are provided through a mandatory occupational pension (Obligatorisk tjenestepensjon - OTP) scheme by employers with certain caveats detailed in the report.

Employers are required to provide supplementary retirement benefits where prescribed under a collective agreement; see Typical Employer Practice for detail.

All employees contributing towards a defined contribution (DC) pension plan have an individual pension account (egen pensjonskonto) that consolidates their current pension savings and all pension savings from previous employment in the same pot; the employee may choose to change pension providers at any time.

Typical Employer Practice

Most multinational and local leading employers provide supplementary retirement benefits (rarely provided by small employers); benefits are provided through the contractual retirement plan (avtalefestet pensjon - AFP) as mandated under collective bargaining agreements (Axco reports on the percentage of private sector employees covered under the AFP).

Supplementary retirement benefits may also be provided by employers who provide benefits in excess of the mandated minimum under an OTP scheme (see State & Compulsory Benefits for detail) or through a top hat plan for executives and high earners covering pensionable salary greater than 12 times the basic amount (grunnbelop - G); top hat plans are decreasing in prevalence due to unfavourable taxation treatment.

The report contains more information on retirement benefits including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more



Termination Indemnities

Benefit provider

State & Compulsory Benefits

There are no state mandated termination indemnities as such in Norway; specific periods of notice of termination are, however, required upon termination of a permanent employment contract for employees under age 72 (age 70 in prescribed circumstances) dependant on the age of employee and years of service

Typical Employer Practice

Multinational and local leading employers may provide supplementary termination indemnities; supplementary termination indemnities are provided through a wage supplement for employees who are covered under the contractual retirement plan (avtalefestet pensjon - AFP) is provided, as mandated under collective bargaining agreements (around 40% of private sector employees are covered under the AFP).

A severance agreement (Sluttvederlagsordningen - SLV) as mandated under collective bargaining agreements; the SLV is closed to existing member benefit applications as of 1 January 2022, however, a premium obligation remains in place until 31 December 2023 in respect of those employees who were covered under the SLV.

As of January 2023, employer contributions towards SLV are dependent upon the employee's working hours as detailed in the reports.

 

More information on Eligibility; When Benefit is Paid; Benefit details and the associated Taxation applicable to termination indemnities is available in the report

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