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Social Insurance Administration Frontpage

Social Insurance Administration

Increase in social security amounts by 2.5%

30th June 2023

In accordance with Act No. 54/2023, Social Security payments will increase by 2.5% from 1 July 2023. The change in the monthly payments will be determined by the income of those who receive co-payments from TR.

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Main amounts from 1 July 2023:

Pensions:

  • The maximum amount of pension is ISK 315,525 per month.

  • Home allowance is a maximum of ISK 79,732 per month .

Disability and rehabilitation pensions:

  • The maximum amount of disability and rehabilitation pension is ISK 59,678 per month.

  • Income cover is up to ISK 191,105 per month.

  • The maximum age supplement is ISK 59,678 per month (100%).

  • The maximum amount of home allowance is ISK 64,596 per month.

The limit for the specific maintenance allowance is:

  • ISK 399,034 per month for those who receive paid home allowance.

  • 317,356 ISK for others.

Let us remind you that:

  • Payments are calculated based on an income plan, which pensioners are responsible for correcting if necessary.

  • You can view and change the income plan on My pages on tr.is.