There are about 16 million Italian pensioners

Italian pensioners at 31 December 2020 amounted to approximately 16 million, of which 7.7 men and 8.3 women. This is what emerges from the second chapter of the INPS annual report, presented today to the Chamber of Deputies by the president of the Pasquale Tridico Institute, and which describes the trend of the stock and flows of pensions in 2019 and 2020, in aggregate, by gender and for management. In relation to the macroeconomic context, the dynamics of pension expenditure show a slowdown in growth starting from 2014. However, the ratio between the number of retired and employed persons remains at a level that is among the highest in the European context. Furthermore, the ratio between the total amount of pensions (in nominal terms) and the number of employed persons increased by 70% between 2001 and 2020. The proposal to allow early retirement with 41 years of contributions, regardless of age, reaches to commit up to 0.4% of the gross domestic product. Considering that Quota 100 is experimental in nature and only workers who meet the requirements in the three-year period 2019-2021 can join, the Report explores three proposals for the revision of the pension system, from the point of view of the economic effects on pension expenditure in the short and long term. . And the proposal of early retirement with 41 years of contributions, according to INPS, is also the most expensive compared to the contribution calculation option with 64 years of age and 36 of contributions and the advance option of the contribution share of the pension only. second, more equitable in intergenerational terms, produces savings already shortly before 2035 due to the lower portion of the pension due to the advance but above all to the savings generated by the contribution calculation. In the last proposal analyzed, flexibility is guaranteed only for the contribution component of the pension allowance with much lower costs for the system. In the long term, all three proposals lead to a reduction in pension spending compared to current legislation, according to INPS. With respect to the employment impacts of Quota 100, the analysis conducted on company data does not show clear evidence of a stimulus to greater hires by the pension advance. “The public debate on pensions remains excessively focused on flexibility and on the possibility of exiting the labor market. I think that, also given the data in this report, we should focus on the perspectives concerning in particular the checks of the new generations. As on income citizenship, I believe that the debate on pensions must be freed from specious approaches, remaining on the merits of the issues “. This was stated, speaking at the presentation of the INPS annual report to Montecitorio, the Minister of Labor, Andrea Orlando. “I activated the commission on heavy work, on the separation between social security and assistance, as per the provisions of the law, precisely to investigate and identify measures capable of introducing elements of equity and flexibility into the social security system. once ‘closed’ on the reform of the social safety nets, a discussion with the social partners will start. We are setting up an overall reform process of important welfare instruments “, he concluded.