Faroese pensioners can earn 300,000 kroner before pension offsets

Working pensioners will be able to earn up to 300,000 kroner before their pensions are reduced from July 1, 2027, KVF reported. The current threshold is 61,900 kroner.

Finance Minister Aksel V. Johannesen announced the change while presenting the draft budget. The proposal will be submitted to parliament this winter, with the new system scheduled to take effect next July.

The change is expected to cost the government 50 million kroner a year. Because it will take effect halfway through 2027, the cost that year is forecast at 25 million kroner. The increase means the projected budget surplus next year will be 13.5 million kroner.