Following the 12 September meeting with the unions, Italy’s government is now nearing a solution on the early retirement issue (Anticipo Pensionistico, APE), which should allow workers over 63 years of age access to a bank loan up until the legal retirement age. The next meeting, set for 21 September is expected to be final. Prime Minister Renzi’s government may choose to forge ahead even without formal union agreement: and in fact discussions continue to stumble on the issue of workers with long career paths.
The APE mechanism is set to start on 01 January 2017 and when implemented should allow workers to retire in advance of the legal retirement age, currently set at 66 years and 7 months, and during the period prior to reaching official retirement age these ‘retirees’ should be able to access a twenty-year bank loan, repayable as of the time they start to receive their ‘real’ pension. Following the 12 September discussions the APE will now be able to apply for three years and seven months instead of three years previously and thus can apply when workers reach 63 years of age.
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