No more retirement fund

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Whatever the solution will be in adopting the final ruling of the Council on the non-indexation of pensions, one thing is certain: the debate on pensions taken up by the government and parliament, as well as the Chairman of Inps (National Social Security Pension Fund Association), Tito Boeri, can be considered already cleared due to lack of funds. The reimbursements of arrears and the adjustment of future grants will lead to a draining not only of the ‘state treasure’ so much claimed by Renzi, but above all, to the freezing most probably of several initiatives that had been fielded in recent months both in favor of the income-deprived early retirees flexible retirements, advance pension loans early retirement, revival of the so-called option-woman, citizen income or minimum income.

At least, no one has officially declared to put a stop on the re-examination of the matter, however for those concerned in all this issue, this will be one of the side effects of the ruling. Whatever the attempts to tamper the effects, the net cost of the operation on the state-coffers will mean no less than 6-7 billion. So, a goodbye to maintenance/restructuring of former Minister Fornero. Let us examine then what interventions are likely to jump.

Seventh Protection. Was ready on the launching- pad, a seventh protection for the income deprived early retires those who were not entitled to any protection previously. However, the proposal of Maria Luisa Gnecchi (Democrats)) was to push forward the retirement age to January 6, 2017, with the aim of rescuing at least half of those who found themselves in the midst of the mess (about 49,500 people).

More flexible Retirement. Similarly, several hypotheses had been designed to promote more flexible forms of retirement: the first – contained in a proposal of the Democratic Party, first signatory Cesare Damiano, Chairman of the Committee Work of the room –was to introduce a mechanism that allowed the employee to leave work even at 62 years of age with 35 years of National Insurance contributions, albeit with a penalty of 8% that would be reduced to zero if you had to leave the job when reaching normal retirement age. A similar provision for leaving work with 41years of National Insurance contributions regardless of age. Not to mention the re-introduction of quotas, as was the case for the old retirement scheme: the threshold was set at 100 (the sum of the retirement age plus the years of contributions: 62 years and 38 years of National Insurance contributions, 61 years old and 39 of National insurance contributions or even 60 and 40 years of National Insurance contributions).

Early retirement allowance. Defined but likely to end up binned together with the pension loan. Renamed ‘Apa’, was that older workers who are jobless and without any pension could ask some sort of an allowance in advance (approximately 700 Euros per month) to be paid back with instalments on the pension at a reduced amount.

Contributory option for everyone. Back in the attic it can also be extended to men and be confirmed for women who can retire either at 57-58 years of age with 35-36 of National Insurance contributions, accepting fully contributory pension calculation, with heavy negative counter-effects on the amount of the cheque.

Minimum income and Boeri plan. All revise the intentions expressed by Chairman Inps to present by June a reform package and introduction of security nets based on minimum wage-income.

Translation provided by Marina Stronati

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