At a glance
- The national insurance basic amount (basic amount) is increased annually on 1 May.
- As of 1 May 2024, the basic amount increased from NOK118,620 to NOK124,028, representing an increase of 4.56%.
As of 1 May 2024, the basic amount increased from NOK118,620 to NOK124,028, representing an increase of 4.56%.
The basic amount is applicable in various scenarios, such as determining the compensation for enforcing non-compete clauses. Currently, the compensation is 100% of the employee’s salary for those that earn up to eight time the basic amount and at least 70% of the employee’s salary for amounts exceeding eight times the basic amount and up to a total of 12 times the basic amount.
The basic amount is also used to calculate many of the Norwegian Labour and Welfare Administration’s payments, influencing areas such as:
- retirement pension from the National Insurance Scheme;
- sickness benefits; and
- work assessment allowances and disability benefits.
Additionally, the basic amount affects the thresholds for pension accruals.
More to explore
