The Economy Of Norway
The Norwegian currency is “Kroner”, which is sometimes mistranslated into “crowns” in English. But whatever we call our money, cash is no longer king in Norway, and almost all establishments accept debit or credit cards. Tips and facts: Accommodation. Cash. Debit/credit cards. Prices. Tip. Money in Norway The Norwegian currency is the krone (plural: kroner), written as NOK. There are ore in 1 krone. Bank notes are issued in denominations of 50, , , , and 1, kroner.
Norway practices a mixed economy with both privately and publicly owned enterprises. Most of the economy is based on natural resource exploitation, including fishing, petroleum, and hydroelectric power.
The services industry contributes Of the 2. Other important sectors in the economy here are food processing, shipbuilding, shipping, chemicals, paper products, metals, timber, and textiles. Norway has a 4. Production and exploitation of North Sea oil and natural gas drive the economy of Norway. The largest oil company in the country is Statoil, two-thirds of which is owned by what is fifth third bank government. Although the economy of Norway is considered healthy, developed, and growing, it does face some serious challenges.
This country has a high cost of living and labor. Most of the labor force is mone in the petroleum industry, which places an emphasis on unskilled labor. Because of its reliance on petroleum, once reserves are exhausted Norway will not be able to maintain its high quality of living and economic success. Because of this reliance on ghe resources and unskilled labor, economic growth is vulnerable to any downturns in the global market.
Because of this, the government had no reason to invest in and encourage the growth of private business. Over tthe last few years, however, both federal and local governments have been working toward increasing private industries that are not focused on petroleum production and exploitation. The principal focus is on wht high-technology industry. Public investments have been made in centers of expertise, particularly in cancer biotechnology in Oslo.
Oil tye is an important economic tthe in Norway. Amber Pariona April 25 in Economics. The Poorest States In Mexico. The Top Cocoa-Producing Countries. The Top Beer-Producing Countries.
The National Debt Of Norway
Exchange Rate Norwegian Krone to US Dollar. NOK = USD. Apr 21, UTC. View NOK Rates Table. View USD Rates Table. View NOK / USD Graphs. 1. Configure Converter. -. Apr 23, · Currency converter to convert from United States Dollar (USD) to Norwegian Krone (NOK) including the latest exchange rates, a chart showing the exchange rate history for the last days and information about the currencies. Currency in Norway Norway uses the Norwegian Krone, which is often translated into English as ‘Crown’. If you’re travelling through Scandinavia you’ll notice that the currency in Sweden and Denmark is also called ‘Crowns’.
How much do Norwegians earn? We take a look at the minimum wages payable in selected industries. It's widely known that Norway has some of the best salaries and best working conditions in the world. It's what attracts thousands of immigrants every year. While that's absolutely true, there is a slightly complex situation when it comes to how much people actually earn. There's a lot of misinformation out there, so let's take a look at the truth. First of all, it's true to say that salaries in Norway are, generally speaking, higher than in many European countries.
This is especially true at the lower end of the market, such as for cleaners, restaurant workers and manual labourers. However, at the higher end of the scale things can be different. Compensation packages for senior management are not always as competitive as in many other countries, such as the USA. What this means is there is a smaller range of salaries in Norway than in many other places. But how much does the average Norwegian earn? And why are salaries so high for relatively low-skilled jobs?
And are they actually high when you have to pay a Norwegian cost of living? Let's find out. Contrary to popular belief on discussion forums, there is no national minimum wage written into Norwegian law. Yet despite this fact, almost everyone receives a fair living wage.
How does this happen? Norway is heavily unionised and the vast majority of employees across a huge range of sectors belong to a trade union. Most trade unions are affiliated to a national federation, which is then usually affiliated to a main confederation of employees. There are four main employee confederations, of which the largest is the Confederation of Norwegian Trade Unions, commonly known as LO. It has around , members, which when you compare to the population of around 5. These unions come to collective agreements on salaries and working conditions with companies, which are then applied to all workers, not just union members.
This general application of the collective agreements is in place partly to help prevent foreign workers from being taken advantage of. Generally collective agreements feature one fixed hourly rate for everyone over the age of There are often different rates to distinguish skilled from unskilled work, for overtime, and for younger workers.
Salary expectations vary hugely by industry, so now we'll take a look at some of the most relevant for foreigners living in Norway. Seasonal work is common in the Norwegian agriculture industry.
So, get clued up! Seasonal workers must be paid at least NOK If the employment extends beyond six months, the employee is entitled to be paid the rate for permanent employees. Workers under the age of 18 must be paid a minimum of NOK For unskilled workers employed on a permanent basis, the minimum hourly rate is NOK A supplement of NOK There are supplements due for work on Saturday afternoons and Sundays.
The country is investing big in new buildings, roads, tunnels and bridges. As with a lot of manual labour in Norway, much of the workforce comes from overseas. Skilled workers earn a minimum of NOK That rises to NOK Young workers under the age of 18 must earn at least NOK People employed as cleaners must be paid a minimum of NOK However, many cleaning jobs are required to be done in unsociable hours.
Not all employers are honest about the extra money that must be paid in these circumstances! There must also be a pay supplement of at least NOK 26 per hour for work between 9pm and 6am. The exact amount should be agreed on an individual basis. In Norway's large seafood industry , the basic hourly wage at the time of writing is set at NOK At the time of writing, the basic hourly wage is set at NOK Skilled workers must be paid an additional NOK Many electricians are self-employed and can charge whatever the market can bear.
But if your business grows and you hire others, then the following rules kick in. Anyone employed to carry out installation, assembly and maintenance of electrical systems must be paid at least NOK That rate applies to skilled, qualified workers. For other workers, the hourly rate is NOK For those employed in hotels, restaurants and catering, workers over 20 years of age and those 18 years old and above with at least four months of work experience must earn at least NOK There are lower rates for younger workers.
They are NOK There are also agreed deductions from gross income for when lodgings are provided by the enterprise. These are As of , employers in the service industry are required by law to report tips and gratuities as part of an employee's income. Salaries for research jobs tend to be openly available and published alongside the job advertisements. There is usually a scale advertised, and the specific amount offered will be dependent on experience.
Depending on the institute, role and candidate, a postdoctoral position tends to carry an annual salary of around ,kr, while research scientists will earn at least ,,kr. Research scientists at private institutes or working in the private sector can expect more.
Au Pairs : There is a separate registration system for au pairs, or live-in nannies, and different rules apply. The family is required by law to pay you a monthly fee of 5,kr. Although the monetary compensation is very low, there are other benefits. Your travel to and from Norway, accommodation and food costs are covered by the host family. There has been some controversy in Norway over the last few years about the use of au pairs.
Some sectors don't have collective agreements. In these cases, salaries are negotiated between the employer and employee. Many companies will publish scales of pay or nevertheless adhere to industry standards, so you should know roughly what to expect in advance of an interview. For example, industry figures state that full-time taxi drivers can expect to earn between NOK ,, per year, depending on location.
Bus drivers in Norway can expect to earn an annual wage of between NOK ,, The Norwegian Labour Inspection Authority ensures these rules on salaries and working conditions are complied with.
If the rules are violated, they can impose injunctions and fines, and report the matter to the police. The Labour Inspection Authority also checks that companies are in compliance with the complicated rules on vacation entitlements and holiday pay. Both these topics are implemented quite differently in Norway from many other countries. This is especially true of holiday pay. Ask your HR department to clarify exactly how they implement holiday pay. For work that involves overnight stays e.
Before the post begins, an agreement must be made to cover expenses for the duration. As a general rule, the employer pays for lodgings, but a fixed payment alternative can be agreed. However, they can only be judged in comparison to the tax rates and most importantly, the high cost of living.
Getting set up in Norway is an expensive business. Even if you can find rented accommodation, you more often than not have to put down between one and three months' rent as a deposit, on top of paying the first month's rent in advance.
Even if you are impressed with your prospective salary, research expected living costs for your own circumstances and then make your decision. Interested in working in Norway? Find out more about working in Norway and some of the different available jobs. He now works as a professional writer on all things Scandinavia.
Lawyers can earn more or a little less, depending. Everyone has the exact same opportunities. Thus the differences between higher and lower wages are less extreme,yet you write like that is a bad thing. According to information gleaned from this article, I am working in a skilled job well under the minimum wage for my profession. Consequentially, I will be asking arbeidstilsynet to investigate. I have a relative who manages a shop.
You can say that again. You could just book sick for three days, without giving any reason; and this was already so in the seventies. Perhaps the land of oil; but somehow; oil is hard to swallow for the average person. The social security blanket provided for the hoipolli seems to keep them from rebelling; but complaining they do aplenty.