Italy’s 2017 Finance law, which has started out on its parliamentary process, sets aside €648 million over the next five years to assist the 25,000 banking sector employees forecasted to be laid off between 2017 and 2019. The money will become part of the sector’s solidarity fund that is currently 100% financed by the banks and that today is unable to meet the challenges of the many restructuring plans that have been announced.
Set up in 1997, this solidarity fund currently compensates banking sector workers that have been placed into ‘pre-retirement’ and keeps up their social security contributions. A decree passed in June 2016 loosened the entry criterion into the fund’s scheme from five years prior to legal retirement age to seven. The Finance Law intends for the scheme also to operate under company restructuring and merger circumstances and to this end will allocate €174 million in 2017, €224 million in 2018, €139
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