Employee Benefits in Norway, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Norway, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

The Norwegian employee benefits market is predominantly controlled by the public social security system; however, the growth of labor-intensive industries has fuelled the growth of the country’s private benefits market over the last decade. The public social security system, which is supervised by the Norwegian Labor and Welfare Administration (Arbeids- og velferdsetaten - NAV), plays a significant role in the country’s welfare system and is responsible for providing general social insurance schemes to the citizens of Norway. The main general social insurance schemes are the National Insurance Scheme, the Family Allowance Scheme, and the Scheme providing cash benefit for families, with small children also contributing to the overall development of the country’s social welfare system. The NAV was established on July 1, 2006.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Norway, including an overview of the state and compulsory benefits in Norway, detailed information about the private benefits in Norway, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Norway.

Key Highlights

• The Norwegian Labor and Welfare Administration, Health Economic Administration, Ministry of Children, Equality and Social Inclusion, National Office for Social Insurance Abroad, and Ministry of Labour and Social Affairs are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
• In Norway, employers provide voluntary retirement benefits to their employees through DB and DC occupational pension schemes

Scope

This report provides a detailed analysis of employee benefits in Norway -

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Norway

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies