Giovedì, 20 Settembre 2018

Struggling Italians failing to pay into pension


Rome, June 10 - Struggling Italian workers, unable
to cope with the ongoing recession, have not been making
payments into their retirement funds, the national supervisory
agency for pensions said Monday.
"We are concerned with the high rate of suspension of
payments to pension funds," Covip - the commission for the
supervision of pension funds - said in its annual report.
It noted that in 2012, 5.8 million Italians belonged to
pension funds, an increase in enrolments of 5.3% over the
previous year.
However, 1.2 million of those members have not been making
their payments into their pensions - an increase of 100,000
individuals, compared with 2011 figures, said the commission.
Increasingly, workers cannot afford to pay into their
retirement plans, and many are even forced to withdraw money for
needs that range from medical emergencies to home repairs, it
Only about 25.5% of employed Italians actually have a
pension plan, the commission noted.
The report shows the urgency of continued funding of the
national social security safety net, because in this economy
individuals cannot afford to save for retirement, said the
secretary general of the SPI-CGIL labor union.
"Too often we hear from so many distinguished economists
that supplementary pensions are the future and that the public
(plans) are just a cost to be cut, said Carla Contone, a pension
"The data provided today by Covip show that it cannot be so
because in the context of this deep crisis, workers cannot
really afford to give up other money" to fund retirement

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