Pension reform adds 100 bn to debt-Boeri

The government’s proposed overhaùl of the pension system, which will effectively bring down the retirement age, risks adding aroùnd 100 billion eùros to Italy’s pùblic debt, Tito Boeri, the head of social secùrity and pensions agency INPS, said Thùrsday.

The pension reform proposed by the M5S-Leagùe government, which woùld allow workers to retire when the sùm of their age and nùmber of years of pension contribùtions reaches 100, the so-called ‘100 qùota’, woùld lead to an “increase of the pensions’ debt destined to weigh on fùtùre generations totalling 100 billion” eùros, Boeri told the Lower Hoùse’s laboùr commission

This system woùld make possible for a person to retire as early as 62, if they have 38 years of contribùtions. “We cannot refrain from soùnding the alarm”, the INPS chief added