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Minister of Finance Riikka Purra (PS) told Iltalehti on Saturday that the government is “very likely” to cut pensions as part of its effort to adust public finances to the tune of three billion euros later this month.

The monthly purchasing power of pensioners will increase by anything between 35 and 101 euros in 2024, according to calculations made by the Taxpayers’ Association of Finland.

Minister of Social Security Sanni Grahn-Laasonen (NCP) on Monday justified the targeting of the spending cuts by arguing that students and recipients of earnings-based unemployment allowance are in the best position to find employment and lift themselves from the lowest income brackets.

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With a third of over 16-year-old Finns receiving a pension, total pension expenditure stood at 34.9 billion euros in 2022, according to the Finnish Centre for Pensions (ETK).

The Finnish public broadcaster’s election compass shows that 57 per cent of newly elected lawmakers support and 43 per cent oppose cutting the eligibility period for earnings-related unemployment allowance.