Italy's stay-at-work bonus implemented

A pivot of Italy’s pension reform, a tax-free perk to keep Italian workers in work longer, has become operative.
The pension reform, passed by parliament in July, is due to be implemented in 2008, except for one measure: a 32.7% tax-free bonus on salaries of employees who reach retirement age but opt to stay in work.
Workers can have their quota – known as ‘super-bonus’ – paid with their monthly salary but there will be no time commitment.
According to the national private sector social security institute, INPS, workers who opt for the super-bonus will be able subsequently to change their minds about retirement.
“If, at any rate, you decide to retire after accepting the_bonus you can still do so, renouncing the bonus,” states the letter, which INPS is to sent to about 40,000 eligible workers.
Applications to work longer can be presented to employers, who will not be allowed to turn them down. The bonus initially only applies to private sector employees.

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