With little financial room for manoeuvre, the draft 2024 budget approved by Italy's Council of Ministers on 16 October provides for some modest innovations and sets aside new funding for certain temporary measures introduced this year. Giorgia Meloni's government has set two priorities: to support the purchasing power of low-income earners and to give families a helping hand.
Like the 2023 budget, the draft for 2024 allocates the lion’s share – €10 billion – to reducing employees’ social security contributions, with a view to narrowing the gap between gross and net pay. This new funding will enable the levels applicable over the last six months of 2023 to be maintained next year, i.e. a 7% reduction in social security contributions for salaries below €25,000 and a 6% reduction for salaries between €25,000 and €35,000 (representing around €100 more per month for...
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Article authors
Hélène Martinelli
Freelance