Abstract
The study sought to understand the socioeconomic impact of the increase in pension benefits on social security in Finland and Norway.
Deploying a qualitative research methodology, the research used secondary data gotten from OECD and Eurostat statistical publications to analyse to get the needed information and draw up a conclusion.
This study investigated the socioeconomic impact of pension benefits on social security. Findings from the secondary data used for this study revealed that there is a significant increase in the number of people who receive pension benefits from the two states. The study shows that between 2012 and 2020, Finland had an increase of 192,024 pensioners and Norway had an increase of 281,405 pensioners in the same year gap. Also, Finland's tax revenue dropped from 45.76 in the year 2000 to 41.85 in 2020, and Norway dropped from 41.61 in the year 2000 to 38.71 in 2020. This shows that the governments of these two countries are having more increase in the amounts they spend on paying pensioners and that they will run into great budget deficit if something is not done.
Keywords
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