What are the statutory pension benefits in Norway?

In Norway, employees are eligible to retire with a full pension at the age of 67, assuming they have contributed to the insurance fund for at least 40 years. The statutory pension benefits consist of:

• Employers must contribute to the National Insurance scheme through statutory social security contributions. These contributions are used to fund retirement pensions, disability pensions, and various other social benefits. The amount is calculated based on the employee's gross pay and allowances.

• Under the defined contribution scheme, the employer is responsible for paying an annual premium, based on the employee's gross income.