The cost of Integration And Norway’s Fiscal Future
Staff working in the general public sector are slated to receive NoK 4,300 billion in future pensions. That is greater than the present worth of the Oil Fund.
“Public staff have been given the whole Oil Fund,” writes Finansavisen [Norwegian financial newspaper], which has been learning the future pensions of public employees’ as pledged by the government.
The equation applies to 840,000 public workers who can be paid 66% of their current wage after they retire. No one in the government has dared to do something about these public pensions, even supposing employees within the private sector are experiencing frequent attacks on their future pensions because private companies merely can’t afford to pay for them.
“There are strong indications that Norway is sitting on high of a public pension bomb,” writes Finansavisen.
Because the pink-inexperienced coalition government took over in 2005, an additional one hundred,000 public sector jobs have been created, and consequently, the state (taxpayers) has incurred future economic obligations for much more public retirees.
However is it really fair that the state guarantees NoK four,300 billion in pension liabilities for public workers — at the identical time that non-public workers are having their pensions shaved and face tax increases to cowl the rising costs of public pensions
In 1980 there were 460,000 employees in the general public sector. That number rose to 580,000 in 1990. In 2000 the quantity was 711,000 and now 840,000 employees are working in the general public sector in Norway.
On high of this, an extra 10,000 new everlasting public jobs crude oil chart 1 month are created every year. The extent of the Oil Fund is at present at NoK 3,865 billion. Even if future public retirees have been to be given the entire fund, there would nonetheless be a shortfall of NoK 500 billion in pension obligations.
For those who have virtually any issues regarding where and also the way to use external half coil heating reflects kettle, you possibly can e-mail us with the crude oil chart 1 month web site.