Social security costs will increase by NOK 94 billion by 2030

NAVLogo NAV. Photo Norway Today Media
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A new forecast shows that social security costs will rise sharply over the next ten years. The main reason is that there are more and older pensioners with retirement pensions.

Over the next ten years, national insurance spending will increase to NOK 581 billion, measured in NOK 2020.

This shows a new analysis from Nav and the Directorate of Health, writes Aftenposten.

With this, they expect that social security costs will increase by NOK 94 billion from 2018 to 2030, if the politicians keep the current rules and do not allocate new money for various measures.

– “Many people go around thinking that the effect of us getting older and living longer is still far ahead in the future. The fact is that the turning point is now,” says section manager Ole Christian Lien in Nav to the newspaper.

The most important reason that spending is increasing so much is that there are more and older pensioners with accrued old-age pensions.

At the same time, medical expenses for medicines and health and lifestyle increase by NOK 26 billion, which is an increase of 83 per cent. The reason for the big increase is more use of medicines and more expensive medicines.

© NTB Scanpix / #Norway Today

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