Worker Compensation and Pension in Norway

A.     Workers' compensation insurance is required by law in Norway for companies with employees. It provides compensation in the event of an accident or illness during or as a result of work. Accident insurance at work is required by law for all companies in Norway having employees.  

B.     Pension –There are 3 Pillars for Pension:    

i.                    National Insurance Scheme Folketrygden that covers state pension and healthcare and is basic Mandatory paid by the Employee & Employer as Social Security; 

ii.                  Occupational Pensions are the Second Pillar.  As of 2022 it became obligatory that all employees in both the private and public sector have an occupational pension. This pension is in addition to the state pension mentioned above. Members of SPK will accrue an occupational pension and members that qualify will also accrue a contractual pension (AFP). Both schemes are managed by SPK in accordance with public sector regulations.  It is mandatory from the day one at least 2% of gross salary. The bigger contribution into OTP can be at the request of the employer and agreement with the employee. Same as Mandatory OTP 2%;

iii.               Voluntary – Not applicable in this case and an Employee Choice;

Comments

National Insurance Scheme and Occupational Pensions  Second Pillar are done through payroll.