150 have applied for inflation relief

As of 31 October, 150 people had applied for the recently announced inflation relief payments of up to DKK 10,000 introduced to help households cope with rising living costs.

A pre-condition for receiving these subsidies is that a household does not own assets (in this context cash deposits and equity shares) with a total value of more than DKK 50,000.

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If three or more adults are in the household, the maximum total household asset value is raised to DKK 70,000.

Almannaverkið (the department of social services) oversees the inflation relief payments, also known as oil subsidies. Applications close on 30 November.

It is estimated that 250-300 households are eligible to receive oil subsidies, which are not taxable.

Read the Faroese version of this article here.

More Faroese News in English.