Holiday pay arrives at last

holidayHoliday .Photo: Norway Today Media

In June, we can enjoy a bit of extra money to spend, and this year, we’ll mainly use it to travel, a DNB Bank commissioned Ipsos survey shows.

‘We can expect a strong boost to the economy. This year, holidays top the list; this is due to us having a slightly better economy this year than last’, said financial adviser at DnB, Hanna Folkvord.

Consumer spending almost doubles
Last year there was a significant decline in the share of holiday money spent on travel, but this year we’ll set off again.
‘This may indicate that more people feel economically secure enough to spend their holiday pay instead of saving it, or paying off debt.’

The Virke organization confirmed that travel is high on the list of what we’ll be spending holiday money on.

‘We know from previous surveys that Norwegians’ holidays, and travel, are high priorities.

At the beginning of the year, there were many more people who said that they were going to spend summer abroad than in previous years, so travel seems to have stayed high for the summer holidays.

Our feedback from the industry suggests the same,’ said Sverre McSeveny-Åril, Director of International Travel at Virke.

And we’re not starving while we’re away
‘We also know from experience that we prioritise spending the holiday money on foreign journeys, and this uses up most of the money, with a consumption rate close to double that spent on a holiday in Norway,’ he said.

Holiday pay will initially be paid out on the last ordinary payday before the holiday begins, and have a basis of at least 10.2% of regular pay, said the Labor Inspectorate.


Source: / Norway Today