Max. inflation relief amount increases to DKK 10,000

In his ólavsøka speech, the Prime Minister said that struggling households would soon be offered one-off payments of up to DKK 7,000.

These payments, subsequently labelled ‘oil subsidies’, were intended to help families cope with rising living costs, specifically oil costs.

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Shortly before the proposal was submitted to Parliament, the welfare committee suggested that the maximum amount should be increased to DKK 10,000. The proposal was approved in Parliament yesterday.

One pre-condition for receiving oil 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 oil subsidies and will accept applications until 30 November.

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

Read the Faroese version of this article here.

Translated by prosa.fo.

More Faroese News in English.