Nota dell’OCSE sull’Italia in materia di pensioni

 

Highlights - ITALY

Pensions at a Glance - Public Policies across OECD Countries 2007 Edition

(www.oecd.org/els/social/ageing/PAG)

1)Italy spends more of its national income on public pensions than all other

OECD countries. Also, spending grew at a faster rate since 1990 than in most

of the rest of the OECD.

Pension reforms over the last decade have significantly cut expected future

retirement benefits.

But the transition to the new system is very slow and may be further delayed

from the original path.

Italy spent 13.9% of GDP on public pensions in 2003, compared with an average

of 7.7% of GDP for the 30 OECD countries (Figure 1). Moreover, Italy saw the fourth

highest increase in public pension spending between 1990 and 2003, behind only

Japan, Poland and Portugal. But unlike Italy, these countries started from a much

more favourable position, with spending in 1990 of a little over 6% of GDP,

compared with more than 10% in Italy.

As a result, Italy has the highest pension contribution rates in the OECD:

employee and employer contributions are together nearly 33% of individual

earnings, compared with an OECD average of 20%.

Figure 1. Public spending on pensions in 10 OECD countries, 2003

 

0 2.5 5 7.5 10 12.5 15

Netherlands

United Kingdom

United States

OECD

Spain

Japan

Portugal

Sweden

Germany

France

Italy

Public spending on old-age and survivors pensions, % of GDP

Source: OECD Social Expenditure database; OECD Pensions at a Glance

Highlights - ITALY

Pensions at a Glance - Public Policies across OECD Countries 2007 Edition

(www.oecd.org/els/social/ageing/PAG)

2) The series of pension reforms in Italy over the past decade are expected to cut

future retirement benefits substantially. The replacement rate – pension during

retirement relative to earnings when working – is projected to fall from 90% to a

little over 60% once the reforms are fully effective. For average earners, this is

somewhat above the OECD average replacement rate of 54% (Table 1). But the closer

link between contributions and benefits in the new system means that replacement

rates for low earners – with half average earnings – are below the OECD average of

69% in Italy. And the replacement rate for high earners – with 150% of average pay –

is 61% in Italy, compared with 49% in the OECD as a whole.

Table 1. Gross replacement rate in 10 OECD countries at

50%, 100% and 150% of average earnings

50% 100% 150%

France 61.4 59.6 54.1

Germany 38.6 35.5 35.5

Japan 45.5 32.1 27.6

Netherlands 78.6 76.3 75.5

Portugal 70.4 54.1 53.4

Spain 81.2 81.2 81.2

Highlights - ITALY

Pensions at a Glance - Public Policies across OECD Countries 2007 Edition

(www.oecd.org/els/social/ageing/PAG)

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