Sabato, 20 Ottobre 2018

Italian pension reform to save 80 bn euros over 10 years


Rome, June 6 - The previous government's
controversial pension reform will generate projected savings of
80 billion euros over a 10-year period, Italy's social-security
agency reported Thursday.
According to an INPS study looking at the government's
coffers from 2012-2021, "spending is undergoing a notable
contraction that in 2019 will be worth 1% of gross domestic
product (GDP)".
Pension and labor reforms introduced during the
technocratic government of ex-premier Mario Monti, a respected
economist and former European commissioner appointed to prevent
a Greece-like collapse of the country's finances, raised the age
required to receive a state pension from 60 to 62 for women and
from 65 to 66 for men, with further age increases over the
In addition the reform increased the amount of years a
worker must contribute.
The change in law, which also contained measures that led
to considerable downsizing at Italian companies, had the
consequence of putting many people out of work who were too
young to collect retirement benefits.
Those so-called "exiles" number 390,000, according to an
INPS report last year.
The current left-right administration of Premier Enrico
Letta has vowed to aid those workers in limbo, but has also
pledged to follow through on the labor and pension reforms of
the previous government.

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