Sections

Italy’s lower house passes pensions reform

ITALY – MPs in the Italian parliament’s lower house have backed prime minister Silvio Berlusconi’s controversial pensions reform, in a vote of confidence, by 333 for and 148 against.

The vote now means Italy should be able to cut 39 billion euros off its pension bill between 2008 and 2013, according to government figures.

Berlusconi said the legislation was needed to meet Italy’s European Union commitments. “I have made commitments to European Union finance ministers and therefore it seemed logical," he was quoted as saying.

The pension bill raises the retirement age from 57 to 60 as from 2008. The government says the reforms should save the state around 0.7% of GDP annually once operational.

And workers must have paid 40 years of social security contributions, or be 60 years old and have 35 years of contributions in order to retire.

The country spends about 14% of GDP on pensions.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2563

    Asset class: Mid & Small Cap Equities.
    Asset region: Global.
    Size: USD $130m.
    Closing date: 2019-09-27.

  • QN-2564

    Asset class: Large Cap Growth Equities.
    Asset region: Global Developed Markets.
    Size: USD $130m.
    Closing date: 2019-10-04.

  • DS-2567

    Closing date: 2019-10-02.

Begin Your Search Here
<