Pension reforms. Now written into the Finance law, the APE (anticipo pensionistico) – a guaranteed bank loan repayable over 20 years geared towards early retirees (c.f. article No. 9845) is scheduled to start in May 2017 for a two-year trial period and will comprise the following: the government will allocate €7 billion over three years towards pension reforms of which €1.9 billion in 2017, some 2400 million ahead of expectations; the Council of Ministers also set out access conditions for the so-called ‘social’ APE where the State will repay loans for the unemployed who can no longer access the unemployment system, disabled workers as well as family financial support for those families looking after disabled workers having made a minimum of thirty years contributions, and workers with thirty-six years of contributions working in arduous professions, on the proviso that their monthly pension is less than or equal to €1,500 (workers receiving above €1,500 will be required to contribute to the loan repayments); and t hose under 63 years of age with at lest twenty years of contributions history will also be eligible for the APE although they will be 100% responsible for the loan repayments as well as for mandatory insurance payments.
Italy: Finance law to include pensions and employment measures
Adopted on 15 October by Italy’s Council of Minister, Italy’s Finance Law comprises several significant measures including formalizing pension reforms following union agreement on 28 September, making performance bonus payments tax attractive, a Renzi government move to boost company level collective agreements, and fiscal incentives promoting youth employment.
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