A new type of payment that is intended to support the subsistence of persons 67 years and older who have permanent residency in Iceland and have no or limited pension rights with the Social Security Administration will be implemented 1st of November.
This additional support can amount to a maximum of ISK 231.110. per month, which is 90% of the full old-age social security pension per month in the year 2020. Those who live alone may in addition be entitled to up to 90% of the household supplement, which is ISK 58.400. per month in the year 2020.
Who is entitled to additional support for the elderly?
Individuals who are 67 years or older with none or limited pension rights with the Social Security Administration and with total income lower than 231.110 ISK per month may be entitled to additional support for the elderly. Although it is allowed to have other income up to 25.000 ISK per month. Furthermore a condition is a permanent residence in Iceland. Foreign citizens need to have indefinite residence permit or a right to indefinite stay in Iceland.
More information on the Tryggingastofnun (Social Insurance Administration) website here.
Also, further reading here below in English, Polish and Icelandic: