INPS said Thursday that public
spending on pensions is expected to reach 289.35 billion euros
this year, 15.3% of GDP.
The pensions-and-social-security agency told a parliamentary
hearing on the 'demographic transition', with Italy's population
ageing and its birth-rate declining, that this year the number
of people claiming pensions will be 76.4% of the number in
employment.
It said the pension expenditure in relation to GDP will go up to
15.7% by 2030 and to 17.1% in 2040, before dropping to 16% in
2050 and 14.1% in 2060 and then "remaining rather stable for the
following decade".
INPS said that, on the basis of estimates by national statistics
agency INPS, life-expectancy at 65 in Italy has risen to 21.2
years, which, according to a mechanism linking the retirement
age to life expectancy, would lead to a three-month rise in the
age at which people can start claiming their State pension as of
2027.
The retirement age is currently 67.
INPS representatives stressed, however, that the economy
ministry must pass a decree by the end of this year for this
increase to kick in.
They also said that, while the situation should be monitored,
there is no reason to think that Italy's pension system is
unsustainable.
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