Aps Hadia Tajik welcomes the fact that 150,000 Norwegians under the age of 30 have started saving for a pension in the past year. But only one of the four friends she met in Oslo started.
Updated less than 1 hour ago
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The new agreement with pension from the first crowncaused Norwegian youth en masse to start saving for pensions.
The reason is the scheme like the then Minister of Labor Hadia Tajik was introduced before he left:
From the new year, everyone over the age of 13 is guaranteed a pension from everything they receive from their income when they work.
76,000 under 19 years old
This led to a small pension revolution:
As of August, 250,000 new pension accounts have been opened in Norway, 150,000 of which are persons under the age of 30.
- 46,960 of them are between 18 and 19 years old.
- 23,376 are between 16 and 17 years old.
- Currently there are 6,709 young people between 13 and 15 who have worked and received an accrued pension.
– It is great to see that so many Norwegians have been able to open a retirement account, due to the change in law that this government has implemented. It affects women, part-time workers and young people, says Ap politician Hadia Tajik.
He says it’s especially gratifying that young people have thrown themselves into it.
– If you are 17 and have your first summer job or part-time jobs, you may want to do it for the next ten years along with your studies or something else. From a life cycle perspective, with compound interest when you retire, it could give you several hundred thousand extra crowns in retirement.
We took her to town on Tuesday.
There we met four guys who are all exactly in the category it refers to.
– I started saving for retirement, says Markus Lunden.
– I don’t know anything about it
The 20-year-old says he took a year off and works 70 percent in Meny.
He says it happened under the auspices and together with his boss.
– It’s good; all employers in Norway must ensure pension agreements are drawn up for everyone who works for them over the age of 13, says Tajik.
Comrades Isak Solberg Hansen and Mathias Algrøy also work at Spar and in a moving company, but they have no idea that the money they earn will lead to a pension.
– I don’t know anything about it, says Mathias.
He says the only written document he has received is a paycheck.
Tajik says he and everyone else need to secure an employment contract and ask their supervisor about the new pension scheme.
The fourth man in the boys’ gang, Philip Austbø, is studying but has had a summer job without being aware of his new pension rights.
– Even the smallest job provides a pension, and summer jobs are important to report, says Tajik.
– What should a young man do?
Stefi Kierulf Prytz, Finans Norway’s Director of Life and Pensions, says the program applies to all employees in Norway, from the sausage shop on the corner to Equinor.
– What should a young person do who, for example, gets a few hours of work in a fast food restaurant?
– Tell your supervisor that you have read that everyone will now receive a pension and that the employer is responsible for setting up a retirement account for you. You can also sit down with your parents and go to Norskpensjon.no and look at your account once it is created. You will then be able to follow your retirement for life.
– Prove that politics works
– This is an extremely rewarding development, which shows that politics works, says Director of Information Tom Staavi at Finans Norge.
He says there are two important aspects to the big increase.
– Of course, it’s not about a lot of retirement money at first, but that means kids 13 and older are learning pensions for the first time. I hope many people are curious and want to know more about pensions.
He says pensions aren’t exactly something young people care about.
– But through a first-crown pension, they can actually see that they get a pension when they work. There is a lot to learn in this.
The other important thing he points out concerns companies, which until 1 July this year had time to adapt their pension systems to the new rules, introduced on 1 January 2022.
– It is an important signal to give to companies that are actually responsible for establishing the new pension scheme for all those to whom they pay the salary, from the first crowns.
The new rules imply that all private occupational pension schemes will have to save at least two percent of their members’ income from the first crown.
Those who work are generally entitled to join the schemes when their income exceeds NOK 1,000.
Tajik says she is proud that they have maintained their position.
– We were told it was too much to ask employers to introduce it. So we did it anyway. It turned out that it could be done and I’m happy to see it.
– Important to inform
It asks all employers in the country to take responsibility.
– They are obliged to guarantee the accrual of the pension to all those who have reached the age of 13. And it’s important that they inform everyone they have at work.
Tajik resigned as Minister of Employment and Inclusion and Deputy Leader of the Labor Party in March after she was unable to provide a sufficiently convincing account of her commuter housing case.
When we ask her if she is ready for a return to a leadership position or to government, she does not answer negatively.
– It’s not for me to decide.
– If the opportunity presents itself, would you like to return?
– I am grateful for the duties I have in the Storting, in the energy and environment committee. Then the party knows I’m available for whatever they want to use me.
Pss! Smart moves can mean hundreds of thousands of crowns in augmented retirement for you, especially when you are young. Here is the new review by Hallgeir Kvadsheim, with tips and advice on simple steps that all young people should take.
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