The Norwegian government is proposing a new job deduction for young people under the age of 30. It facilitates tax relief so that more people can enter working life.
“The deduction, as outlined, will, on average, provide tax relief of up to 20% to young people with low and medium incomes. In addition to giving young people more to work with, it will strengthen the incentives to work,” Minister of Finance Jan Tore Sanner (H) said in a press release.
The proposal, which has been sent out for consultation, will involve a tax relief of more than NOK 4,000 for about 200,000 young people. At the same time, about 100,000 young people will have between NOK 2,000 and 4,000 lower taxes.
The proportion of employees under the age of 30 has decreased over the past 20 years. This is in part connected to more people taking on higher education, but it is also related to exclusion from the workforce.
The proportion of young people who receive disability benefits or other work benefits has increased during the period, the Ministry of Finance wrote.
“The government wants to reverse this development by, among other things, strengthening the work incentives for young people. If we succeed in this, it could mean a lot to the individual, but also to the financial sustainability in the decades to come,” Sanner said.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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