- Monday, 02 April 2007 | Columnist
The reform is intended to ensure fair and economically sustainable benefits while encouraging older workers to stay on the job longer.
The new system will count all income toward pension levels. This aims to improve retirement benefits for many, especially women, who work part time.
The system will also allow pensioners who work after retirement age to earn income without it reducing their pension payments.
Norway is the world's third-largest oil exporter, after Saudi Arabia and Russia, and sets aside surplus wealth in what is now Europe's largest pension fund.
Despite the nearly €220 billion in the fund, the Organization for Economic Cooperation and Development and others have warned the current system's costs cannot be sustained as life expectancy increases and more workers choose early retirement.
Latest from InvestorWeekly
- AMP Capital completes NAB House acquisition
- Emerging markets in a strong position: Aberdeen
- Appetite for post-trade automation grows
- ASX to offer RMB settlement services
- Capital Group appoints new RE
- Protecting against sequencing risk: Ability Capital
- AMP Capital offloads Sydney property
- RI Academy forms two international partnerships
- New York Life acquires Dexia AM
- Antares Capital launches income fund
- A weather forecast for 2014
- Is Asian turbulence a win for China?
- Why Detroit’s honest self-renewal is a lesson for Japan
- Volatility means opportunity for fixed-income investors
- US Fed likely to stick to existing policy
- Asian bonds offer value after Fed-induced sell-off
- Convertible bonds: solid foundations are needed when reaching for the upside
- ING DIRECT urges third parties to prepare for Basel changes
- A straight-forward channel
- Crystal balls and consistent returns
- Perpetual adds to credit and fixed income team
- Bennelong Wealth Partners appoints CIO
- Equity Trustees creates investment management role
- Mercer appoints client service leader
- Morningstar Australasia appoints joint CEOs
- UniSuper expands leadership team
- WA Super appoints chair
- Acorn Capital appoints microcaps analyst
- Towers Watson appoints global investment head
- Centuria appoints senior facilities manager