Latest news with #JensStoltenberg
Local Norway
a day ago
- Business
- Local Norway
Norway plans randomly selected tax cuts for young people
The tax cuts will be given to those born between 1990 and 2005 and apply to workers who earn less than 647,500 kroner a year. The aim of the scheme is to trial whether lower taxes result in higher employment, which groups are incentivised by the tax breaks, and how much extra they work as a result. 'We do it because we need knowledge,' Minister of Finance Jens Stoltenberg said. 'We spend a lot of money on things we are unsure of the effect of. And there is uncertainty and professional disagreement about what works and what doesn't work. Now we can get the knowledge to decide that,' he added. At most workers will save 27,500 kroner a year on their taxes, this will apply to those who earn between 326,000 kroner and 335,000 kroner a year. The more those selected to receive the tax cuts earn, the lower the tax break. The proposal has been sent out for consultation and could be adopted in the autumn if the government decides to carry out the experiment. Estimates from the finance ministry suggest the scheme will cost 500 million kroner per year. Advertisement Successive Norwegian governments have tried to tackle rising social security payments and a shortage of workers in key sectors with various measures. Stoltenberg pointed to the increase in the number of young people who receive disability benefits today compared to when he was previously finance minister in 1996. He said the scheme meant the government could avoid making cuts to the welfare state by making work more profitable. Critics have referred to the scheme as a lottery, and leader of the Conservative Party Erna Solberg said that a tax break should apply to all young people to encourage greater participation in working life.
Straits Times
4 days ago
- Business
- Straits Times
Norway plans $49 million annual tax cut for some young workers
FILE PHOTO: Jens Stoltenberg, the then NATO Secretary General, reacts during an interview with Reuters at the alliance's headquarters in Brussels, Belgium September 30, 2024. REUTERS/Yves Herman/File Photo OSLO - Norway plans to randomly select 100,000 people born between 1990 and 2005 to receive annual tax cuts of up to $2,700 for several years, aiming to measure the effect on income and employment, the Labour Party government said on Tuesday. Facing rising social security payments and a shortage of workers in many sectors, successive Norwegian governments have explored ways to boost labour market participation by tweaking rules on state financial support and improving job training. But Tuesday's proposal by Finance Minister Jens Stoltenberg and Labour Minister Tonje Brenna takes this a step further, offering tax cuts for about 8% of workers between 20 and 35 years of age, while the rest see no change. If approved by parliament, the group of 100,000 people would become part of an academic study and receive the tax cuts of up to 27,500 Norwegian crowns annually for the next three to five years. They will be compared with those who do not receive the same cuts. "This will give us strong data on whether such a tax deduction really boosts youth employment, and on how much more or less those who are already in a job will work," the finance ministry said in a statement. The measure was estimated to cost some 500 million Norwegian crowns ($49 million) per year, the finance ministry said. Norway has a $1.8 trillion sovereign wealth fund, the world's largest, and spends tens of billions of dollars from the fund each year. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
4 days ago
- Business
- Reuters
Norway plans $49 million annual tax cut for some young workers
OSLO, May 27 (Reuters) - Norway plans to randomly select 100,000 people born between 1990 and 2005 to receive annual tax cuts of up to $2,700 for several years, aiming to measure the effect on income and employment, the Labour Party government said on Tuesday. Facing rising social security payments and a shortage of workers in many sectors, successive Norwegian governments have explored ways to boost labour market participation by tweaking rules on state financial support and improving job training. But Tuesday's proposal by Finance Minister Jens Stoltenberg and Labour Minister Tonje Brenna takes this a step further, offering tax cuts for about 8% of workers between 20 and 35 years of age, while the rest see no change. If approved by parliament, the group of 100,000 people would become part of an academic study and receive the tax cuts of up to 27,500 Norwegian crowns annually for the next three to five years. They will be compared with those who do not receive the same cuts. "This will give us strong data on whether such a tax deduction really boosts youth employment, and on how much more or less those who are already in a job will work," the finance ministry said in a statement. The measure was estimated to cost some 500 million Norwegian crowns ($49 million) per year, the finance ministry said. Norway has a $1.8 trillion sovereign wealth fund, the world's largest, and spends tens of billions of dollars from the fund each year. ($1 = 10.1461 Norwegian crowns)
E&E News
22-05-2025
- Business
- E&E News
How former NATO chief helped save Empire Wind
As far as calling in the lobbying cavalry, it's hard to do better than the former secretary-general of NATO. And that's exactly who Equinor called to help save its New York offshore wind project, which was on the brink of cancellation after being hit with a stop-work order by the Trump administration. Jens Stoltenberg, the former secretary-general of NATO and current Norwegian finance minister, told reporters in Norway this week that he spoke to Treasury Secretary Scott Bessent and Interior Secretary Doug Burgum about lifting the stop-work order on Empire Wind 1, the $5 billion project under construction south of Long Island that Burgum halted in April. Advertisement In a post on X after the order was lifted Monday, Stoltenberg thanked the pair 'for our great cooperation in reaching an energy deal that allows Equinor to resume construction of Empire Wind 1. This will benefit both our countries & deliver energy to thousands of US households.'
Canada Standard
16-05-2025
- Business
- Canada Standard
NATO Chief says 2 per cent defence spending target
Antalya [Turkey], May 16 (ANI): NATO Foreign Ministers met in Turkey's Antalya on Wednesday and Thursday with a key focus on increasing defence spending, with Secretary General Jens Stoltenberg declaring that the current 2 per cent of GDP target is 'not nearly enough.' He urged the allies to invest more in core military capabilities, infrastructure, and resilience to address growing security challenges. The ministers also reaffirmed NATO's long-term support for Ukraine, stressing the importance of sustained assistance to secure a just and lasting peace. In a statement released on Thursday, NATO said, 'On Wednesday 14 and Thursday 15 May, NATO Foreign Ministers met in Antalya, Turkiye to discuss strengthening Allied deterrence and defence, and to move forward preparations for the Summit in The Hague in June. The Secretary General made clear that determining a new baseline spending figure was to be the core deliverable for the Summit, emphasising that the existing target of 2% is not nearly enough.' 'We will need greater investment in our core military requirements as well as additional broader defence-related investments, including infrastructure and resilience,' Stoltenberg said, stressing that this made both economic and strategic sense. 'We have to make sure that we spend enough money all over NATO to keep ourselves safe,' Stoltenberg continued, insisting the changes would be crucial to meeting NATO's new capability targets and deterring aggression. Rutte also praised NATO members for demonstrating their growing commitment to fair burden-sharing, affirming 'we are now on the right track.' 'Most Allies are now set to reach the initial aim of spending 2% of GDP on defence this year and many have already announced plans to go much further,' he added. The Secretary General also reaffirmed NATO's long-term support for Ukraine, highlighting efforts to bring the war to a just and lasting end as a shared priority for all Allies. 'With or without a settlement, it is clear that our support to Ukraine will continue to be important to ensure a lasting peace,' he said. Notably, in 2014, NATO Heads of State and Government agreed to commit 2 per cent of their national Gross Domestic Product (GDP) to defence spending, to help ensure the Alliance's continued military readiness. In 2024, 22 Allies were expected to meet or exceed the target of investing at least 2 per cent of GDP in defence, compared to only three Allies in 2014. Over the past decade, European Allies and Canada have steadily increased their collective investment in defence, from 1.43 per cent of their combined GDP in 2014 to 2.02 per cent in 2024, when they are investing a combined total of more than USD 485 billion (adjusted to 2021 prices) in defence. Meanwhile, US Secretary of State Marco Rubio said that NATO allies, including the UK, Germany, France, and Italy, along with Secretary General Stoltenberg, agreed on the need for increased defence spending, fair burden-sharing, and stronger collective deterrence. Sharing a post on X, he wrote, 'In Turkiye, there is no ambiguity: NATO remains a vital security alliance. Together with the UK, Germany, France, Italy, and @SecGenNATO, we agreed on the need for greater defence investment, fair burden-sharing, and stronger collective deterrence.' (ANI)
