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OECD Economic Surveys: Norway 2005

image of OECD Economic Surveys: Norway 2005

This 2005 Economic Survey of Norway's economy examines key economic challenges including monetary policy issues, labour and product market competition, fiscal policy, the long-term sustainability of the welfare system and the performance of the health care sector.

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Long Term Sustainability of the Pension and Welfare System

Norway will face a fast maturing old age pension scheme over the 30 next years whereas oil revenues will supply only a small part of implicit liabilities related to the present generation. The Norwegian government has recently proposed new measures to strengthen long term fiscal sustainability. They aim at raising the effective retirement age and promote a shift to a more actuarially fair pension system. The main objective was the creation of a system of contributions to notional accounts that give rights to actuarially fair and longevity-adjusted benefits at any age after 62.

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