Features of pension provision in the country
In Norway, the general retirement age is 67 years, regardless of gender. Many people are interested in how many pensioners there are in Norway. In relation to the main population, their number is at least 24%, which puts a serious burden on the state.
Payments include basic, additional or special pension. Supplements for spouses and minor children are possible. But each case is considered individually, since available income is taken into account. The level of payments depends entirely on marital status. For those who are married, the amount of payments depends on the spouse's pension. The main criteria are established:
- If a citizen has completed a 3-year insurance period between the ages of 16 and 66, a basic payment is provided. It does not take into account previous income and payments made.
- The full basic benefit is provided for those who have completed 40 years of coverage.
- If the hours worked are less than 40 years, the benefit amount is reduced proportionally.
The minimum pension in Norway in 2020 is NOK 93,634 thousand per year or EUR 9,873. If a pensioner has a dependent spouse who is not of retirement age, a supplement of 50% is provided. If both spouses are pensioners, the basic pension for each of them is 85%. If there is a minor child, the premium is up to 40%.
All allowances are provided based on available income. So, if there is a dependent child and there is no other source of income, a 40% increase is provided. If, in addition to the pension, there is other income, its size is taken into account.
Germany
The size of a pension in Germany depends on how long and how much a person has contributed to the state pension insurance system, and on other factors.
The average pension in Germany as of January 1, 2020 was 1,013 euros for men (395 thousand tenge at the current rate), for women 591 euros (almost 226 thousand tenge). The standard calculated pension (Standardrentner, Eckrentner) is the amount that would theoretically be received by a person who earns the average salary in Germany of just over 3,000 euros (1,170,000 tenge) and pays pension contributions for 45 years without interruption. In reality, such a situation rarely occurs.
The work experience of men in Germany is at the level of 40 years, and for women 30 years, this is due to the fact that Germans study a lot and start working late, ladies also go on maternity leave.
If, upon reaching retirement age or being unable to work due to disability, a citizen does not have enough funds for a comfortable existence, then the state takes care of such people. A person can receive Grundsicherung (basic benefit) if his monthly income is less than 789 euros (307 thousand tenge). The size of the payment depends on the life situation and ranges from 324 to 404 euros (from 124 thousand tenge). In addition to this amount, the citizen will receive money for housing, heating, as well as to pay for repairs and some other needs based on expenses.
State pension in Norway
In Norway, it is customary to work quite long hours and go on a well-deserved rest late. The retirement age in Norway for men starts at 67, the same as for women. In this case, periods worked in the territory of the European Union are counted if at least 1 year was worked in Norway itself. Pension experience from other countries is not taken into account.
When providing a special pension, the level of previous wages is taken into account. It is counted in the form of points and becomes a significant addition to the basic payments. The special pension is calculated for the last 20 years of work. Previously, it was possible to select the best years with the highest salaries. Today this practice has been abolished.
If annual income exceeds the average salary by 12 times, a special pension is not provided. It is believed that a person is too rich and will be able to provide for himself. If the pension is less than the subsistence level, additional benefits appear. One of the most common is the absence of income tax.
More to read:
What is the average pension in Belarus?
What is the retirement age in Japan for women and men?
At what age do the British retire?
What is the retirement age in England? Two years ago, the British Parliament changed pension legislation. The result was the emergence of a new state pension compensation. The age limit for women is 60–65 years (depending on the year of birth), for men - 65 years. By 2020, they want to equalize the age for all Englishmen to 66 years, then increase it by another two years. State benefits are not calculated when a person does not have 10 years of work experience. Only those who have at least 35 years of work experience can count on the maximum pension (£160 per week).
Payments are indexed every year as the consumer price index changes. To calculate the state pension, you must be a payer of the State Insurance system or have received national credit for 35 years. National credit is also awarded when raising a child under 12 years of age or caring for a sick or disabled person. Additionally, pensioners receive benefits: free travel on public transport, discounts on medicines.
The size of the working pension is affected by the size of the salary. Employers independently offer their subordinates different options for deductions of a specific percentage of their salary to a savings account in the Pension Fund. Additionally, employers transfer a specific amount to the personal account of each employee, which depends on the company.
A private pension is personal funds that are transferred by each person personally to the fund’s account. A person, upon reaching old age, gains access to the deferred amount.
Retirement age in Norway
You have to work in the country for quite a long time if a citizen wants to receive maximum payments. The retirement age in Norway for women starts at 67 years old. It is the same as for the stronger half. But by agreement with the employer, the mark is reduced to 62 years.
A high standard of living is ensured by many years of work and the ability to save the money you earn. In addition, a significant monthly pension in Norway is provided in rubles - 111,400.
Pensioners here are treated as those who built a country with a strong economy. Therefore, they can get good security, the opportunity to travel around the world and lead a comfortable life.
USA
Unlike Kazakhstan, in America the pension system consists of numerous public and private funds. Pension provision is developed at such a high level that with a good salary a person has the right to retire after 10 years of work.
In order for an American to live comfortably in retirement and not think about where to get money for food and medicine, according to estimates by the US Treasury Department, a citizen must have one million dollars in his account. At the same time, payments per month average 1100-1300 dollars (from 360,000 tenge). To save a million, Americans will have to work for about 70 years, which is basically unrealistic. Therefore, the main part of Americans' retirement savings is their savings in non-state pension funds.
Average payout in Norway
What is the average pension in Norway in 2020?
Today it is 176 thousand Norwegian kroner per year or 27 thousand US dollars. A married couple can expect an average payment of 323 thousand crowns annually, which is 50 thousand US dollars. This is not considered a very high income, but it allows you to live well with free medicine and your own housing. Confidence in receiving the required payments is ensured, so more and more people are coming here in search of a better life. The Norwegian pension fund is not only one of the largest, but also reliable in the world. It is not based on people's pension contributions, as is the case in many other states.
The basis of wealth comes from contributions from excess profits of energy companies. As a result, a high standard of living in old age is ensured by large companies, mainly oil producers. This directly justifies the ownership of resources on the territory of the state by citizens.
Kyrgyzstan
To receive an insurance pension, both men and women must work for 25 years. In case of early retirement, 1.5 percent is deducted for each month missing before reaching the generally established retirement age. The minimum pension benefit in 2020 for residents of the country was 1,700 soms (8,000 tenge), and the subsistence minimum was 5,000 soms (24,000 tenge). About 30-40 percent of the population receive a pension. The main pension fund is the accruals of employees who are officially employed.
There are two types of pension systems in Kyrgyzstan:
1. Solidarity-distribution - a type of deduction when working citizens pay a certain percentage of their salary monthly.
2. Conditional savings system - savings in non-state pension funds, when a citizen of the country contributes funds monthly to his account for at least seven years. If a person retires, the funds are credited to him along with the state pension.
Pension for foreign citizens
Migrants can receive a pension legally, but this requires official status from the start of their working career. Otherwise it cannot be counted. At what age do foreigners retire in Norway? The same rules are established as for the rest - 67 years.
It is not necessary to have a residence permit or other documents for permanent residence. It is enough to work for at least 3 years officially on a work visa. In this case, a basic pension is assigned. If the foreigner has European Union citizenship, the minimum period of work is 1 year.
If you have a permanent residence permit, you can participate in the pension fund program. This allows you to make deductions to increase future payments. Those who have worked the required 40 years receive payments on the same basis as native residents. There is not much difference in origin. It is important that the work is carried out in Norway and is official.
We recommend these articles:
What is the minimum pension in Armenia?
What is the retirement age in Estonia?
Russia
Russians receive two types of pensions: insurance, which more than 40 million citizens have, and state pension, which is available to about four million people. The most common type of insurance pension is old age. It is awarded to more than 36 million people.
To receive payments, you must accumulate a certain amount of work experience. Every year this threshold increases. Those applying for a pension in 2020 must have at least nine years of experience, and from 2024 - at least 15 years. On average, pension payments in the Russian Federation are 14,075 rubles or 74 thousand tenge.
Features of life of pensioners
Due to the fact that the retirement age in Norway is set quite high, citizens strive to create additional savings during the working period. This provides a level of comfort, allows you to count on additional funds and feel safe.
The average life expectancy in the country is about 82 years. There are more and more pensioners in the Norwegian states, so it is possible to increase the retirement age to 70 years. Since 2017, the government has not made investments in high-yield stocks, as this is associated with high risks. As a result, citizens' savings remain protected.
How do pensioners live in Norway? The country is recognized as one of the best in terms of quality of life for those over 60 years old. Elderly people have sufficient income, can successfully find a job after retirement, and receive quality medical care and regular diagnostics. Those who have worked for the required period of 40 years and receive bonuses are in a winning position.
Thus, Norway has a high pension provision, which allows you to maintain a decent standard of living in old age. It is ensured by the long labor of the citizens themselves and by state policy. The last thing to worry about is preserving the pension system.
France
The French pension system consists of many nuances. However, length of service does not affect the amount of payments. If the calculated pension amount is below a certain level, the state pays a so-called solidarity pension of 800 euros (312 thousand tenge), which has replaced the minimum old-age pension since 2006. In addition, after the death of one of the spouses, the French have the right to part of the pension of the wife or husband.
The state pension in this country is divided into basic and additional (funded) parts. The basic one is calculated based on the average monthly salary, and the additional one is calculated on the basis of points accrued to the employee after dismissal from each enterprise where he worked.
The average pension in France is approximately 1000 euros (390 thousand tenge). For Europe, this is not the highest figure; it is on the same level as payments in the UK and Italy. Residents of Sweden and Spain have slightly higher pensions, and pensioners in Denmark, Finland and Norway receive pension payments many times more than citizens of France.
In the world
Rating of countries in the world according to the standard of living of the population 1 star2 stars3 stars4 stars5 stars (50 ratings. Average: 3.46 out of 5) heading: Countries of the World, Tops of the Planet Also see: Unemployment in the world.
List of countries Also see Inflation in countries around the world. List. Contents: [hide]
1 Rating of countries by standard of living 2020 from Numbeo 2 Rating of countries by standard of living for 2020 3 World map of the cost of living from Movehub 4 Rating of living standards of the world's population based on a UN report for 2000. Rating of countries by standard of living 2020 from Numbeo We provide data from the world's largest user-generated content database, Numbeo. It compiled a ranking of countries in the world by standard of living as of the beginning of 2020, essentially based on the results of the end of 2020. The quality of life index was determined using several criteria using online research, without using official government reports. Quality of life is a fairly broad concept. The so-called rating of the level of well-being of the population.
The quality of life index (the higher the better) is an assessment of the quality of life in general. When calculating this indicator, an empirical formula is used that takes into account the purchasing power index (the higher, the better), the pollution index (the lower, the better), the ratio of real estate prices to household income index (the lower, the better), the cost of living index (lower is better), safety index (higher is better), health index (higher is better), traffic jam index (lower is better) and climate index (higher is better) .
From 2020 to 2020, Russia fell in the ranking from 56th place to 67th place by 11 points.
Rank Country Quality of life index Purchasing power index Safety index Healthcare index Cost of living index Property price to income ratio Transport time index Pollution index Climate index 1 Denmark 192.67 100.88 74.90 80.00 83.00 7.45 28, 85 21.33 81.80 2 Switzerland 192.01 119.53 78.40 72.44 122.40 8.68 29.09 22.39 79.24 3 Finland 190.22 99.93 76.68 75.79 70.29 8.35 29.90 11.55 58.87 4 Australia 186.21 107.31 58.64 77.38 73.54 7.52 34.73 23.46 92.70 5 Netherlands 183.67 90 .73 72.38 74.65 73.75 7.51 29.43 27.41 87.61 6 Austria 182.50 82.38 76.27 78.73 70.38 10.88 26.27 22.19 77 .30 7 Iceland 181.75 79.44 76.64 65.92 100.48 6.74 20.10 16.21 68.81 8 New Zealand 181.02 92.66 59.07 73.81 72.53 8 .52 31.10 23.40 95.46 9 Germany 179.78 102.36 65.19 73.32 65.26 9.38 30.98 29.03 83.00 10 Estonia 177.82 71.30 76, 86 72.67 50.93 9.06 24.53 19.81 64.28 11 Sweden 175.95 101.73 52.93 69.23 69.85 9.27 30.49 18.09 73.97 12 Norway 175.19 88.38 64.57 74.36 101.43 8.77 26.99 20.35 71.37 13 Slovenia 172.15 66.31 78.93 64.58 53.43 10.49 27.30 24.06 77.56 14 United States 172.11 109.52 52.80 69.27 71.05 3.52 32.89 36.88 77.54 15 Spain 169.82 72.03 68.04 78.88 53.77 9.37 29.10 39.99 94.19 16 Japan 167.99 87.28 79.34 81.14 83.35 13.00 39.15 39.59 84.79 17 Oman 167.09 80 .97 79.21 58.15 49.28 9.08 22.80 37.74 67.22 18 Canada 163.47 95.09 60.33 71.58 67.62 7.97 33.87 27.83 50 .57 19 Portugal 162.91 49.43 70.37 71.88 49.52 12.70 30.00 30.89 97.31 20 United Kingdom 162.71 91.73 56.29 74.46 67.28 10 .09 34.53 40.56 87.62 21 Qatar 162.29 111.69 88.14 73.30 64.04 5.82 29.72 61.06 36.03 22 Lithuania 159.42 57.85 66, 94 69.49 44.28 10.90 26.08 28.80 67.76 23 Croatia 159.01 50.42 75.29 62.68 49.70 13.73 29.11 30.46 89.05 24 United United Arab Emirates 156.67 91.58 84.30 67.04 61.98 5.29 36.85 51.15 45.23 25 Czech Republic 156.24 62.82 74.48 74.62 46.15 15.42 29 ,65 40.23 77.13 26 France 153.95 80.36 53.21 79.99 74.14 13.04 34.76 43.56 90.25 27 Ireland 153.53 80.88 54.57 51, 89 75.91 7.49 37.68 33.99 89.13 28 Belgium 153.47 86.28 56.02 74.34 71.78 6.91 36.15 52.94 85.99 29 Slovakia 152.53 56.94 70.78 60.02 44.46 10.25 29.11 39.66 78.13 30 Saudi Arabia 150.56 100.00 73.82 59.11 48.34 2.79 28.61 65, 09 45.98 31 Latvia 150.00 52.48 63.05 62.91 47.94 8.85 32.89 33.73 74.70 32 Israel 149.94 78.09 70.40 73.29 81.15 12.83 35.91 57.25 93.78 33 Cyprus 147.93 57.41 69.99 51.75 57.93 8.20 23.95 53.55 92.80 34 Singapore 144.39 88.96 69 .43 70.84 81.10 22.31 41.31 33.48 57.45 35 Taiwan 143.23 65.67 84.35 86.71 61.37 23.69 31.93 63.35 84.38 36 Poland 141.83 59.61 71.50 61.01 40.04 11.38 31.72 54.46 76.14 37 Italy 140.76 65.59 55.74 66.59 67.26 9.71 34, 42 55.63 92.27 38 South Korea 139.02 85.21 71.98 81.97 78.18 17.37 39.57 62.48 68.39 39 Belarus 134.83 37.00 75.01 59, 04 34.70 14.65 30.68 43.63 64.37 40 Greece +133.07 43.68 59.68 56.21 55.67 10.60 33.84 52.55 94.18 41 Romania 132, 44 48.86 72.36 55.06 35.31 11.33 34.75 58.42 77.62 42 South Africa 131.97 73.61 22.51 64.14 42.87 3.93 39.43 57.30 95.25 43 Bulgaria 129.80 49.37 61.50 55.40 36.70 8.52 29.39 65.33 82.76 44 Hungary 128.16 47.55 64.92 47.80 40.85 14.77 35.78 48.29 79.48 45 Turkey 127.10 40.85 60.51 69.80 34.69 7.81 44.65 67.35 93.26 46 Uruguay 125.98 37 .46 46.19 66.28 51.04 16.34 39.89 44.84 98.04 47 Ecuador 125.14 36.08 49.10 70.59 40.98 12.70 37.55 57.00 94.51 48 Bosnia and Herzegovina 121.89 41.83 56.97 52.26 35.97 12.58 26.67 62.33 80.48 49 Chile 119.76 42.50 54.77 65.44 43.62 14.93 35.44 65.78 90.21 50 Mexico 118.55 41.81 46.03 70.12 35.72 10 .67 39.39 66.10 86.29 51 Malaysia 118.44 64.49 41.16 68.10 39.12 9.94 37.03 63.18 57.92 52 Serbia 116.30 36.72 62.59 51.27 35.72 18.94 30.43 60.32 83.23 53 Georgia 115.95 24.88 79.79 51.24 28.48 14.21 36.02 71.09 84.20 54 Kuwait 115.75 85.59 65.25 56.21 50.37 12.28 34.44 68.69 20.22 55 Argentina 11 5.31 47.22 38.23 69.25 32.95 24.53 43.08 50.67 98.28 56 Jordan 112.40 34.88 59.17 64.60 53.67 8.42 42.03 77.78 89.05 57 North. Macedonia 110.46 37.15 61.33 56.38 31.59 12.60 27.61 80.23 76.30 58 India 108.63 54.30 56.68 67.13 24.58 11.38 46.99 78.87 64.87 59 Panama 108.36 34.23 52.81 59.93 54.16 12.60 36.48 63.09 67.84 60 Lebanon 106.56 44.47 56.64 64.38 60.50 13.23 37.38 88.37 94.74 61 Colombia 105.8 3 31.12 45.21 67.24 30.66 19.65 47.49 62.83 96.69 62 Brazil 105.65 32.81 12.31 56.29 40.22 16.41 41.70 54.98 97.16 63 Morocco 105.46 35.25 51.31 45.72 34.32 1 4.18 36.89 70.64 91.70 64 Pakistan 105.44 30.57 55.92 60.59 21.98 11.98 38.56 74.25 71.93 65 Ukraine 104.77 31.80 51.15 52.33 33.18 12.23 3 8.65 65.08 71.42 66 China 102.81 60.88 68.17 64.48 40.04 29.06 41.81 80.77 79.19 67 Russia 102.31 38.94 58.88 57.59 39.21 10.77 45.30 62.79 40.36 68 Thailand 101.8 8 35.45 59.52 77.95 49.77 22.26 38.23 75.07 69.45 69 Hong Kong 99.05 65.32 79.30 66.08 77.22 47.46 41.46 67.69 83.64 70 Indonesia 97.47 25.05 54.16 60.48 37.27 18.88 43.11 66.56 74.15 71 Kazakhstan 88.31 38.36 37.98 50.70 30.64 10.86 31.08 75.15 39.78 72 Vietnam 87.48 28.14 54.65 57.70 38.34 21.36 30.17 8 6.47 71.24 73 Egypt 86.54 22.41 53.08 45.84 29.54 13.01 49.78 85.65 91.98 74 Peru 85.46 33.95 31.85 56.15 38.65 14.95 48.33 84.13 97.69 75 Philippines 85.37 23.48 57.84 67.47 37.63 24.60 44.63 74.28 60.81 76 Sri Lanka 85.16 24.45 59.78 72.53 31.61 31.14 59.01 59.14 59.11 77 Iran 74.14 22.69 50.75 51, 70 39.01 25.11 48.01 77.45 70.99 78 Kenya 70.56 27.32 38.34 55.59 40.21 31.63 56.65 76.60 99.79 79 Bangladesh 70.03 33.21 36.06 42.80 32.25 13.10 56.73 86.21 71.29 80 Nigeria 55.65 13.52 36.23 51.59
Kazakhstan
For those who are now retiring, the payment will consist of three indicators: basic pension + joint pension (depending on length of service before 1998) + funded pension.
From January 1, 2020, the amount of the state basic pension payment is 15,274 tenge. However, from July 1, 2020, the basic pension will depend on the total length of service and the subsistence minimum (PM - 28,284 tenge in 2020). For example, for those with work experience of 10 years or less, the basic pension will be 0.54 monthly wages - 15,274 tenge. For each subsequent year of experience, 0.02 PM will be added. So, for 20 years of service, the basic pension will be 0.74 monthly minimum, which is 20,931 tenge. From 33 years of experience and above - 1 PM, that is, 28,284 tenge.
