Adnkronos (Adnkronos) – Corporate welfare is a driver of growth for the country and a key tool for supporting household purchasing power, but the expiration of the current fringe benefit exemption thresholds in December 2027 puts the system at risk. Making the measure structural is sustainable for public finances and generates long-term benefits.
This was the thesis at the heart of the event organized by Satispay in Rome at the Casina Valadier, where the results of two independent studies commissioned by the company were presented: "The Perspectives on Corporate Welfare," edited by Carlo Cottarelli and Giampaolo Galli, respectively Director and Scientific Director of the Italian Public Accounts Observatory at the Catholic University of Milan, and the White Paper "The Role of Corporate Welfare and Fringe Benefits in the Italian Labor Market in 2026," produced by the HR Innovation Observatory of the School of Management of the Polytechnic University of Milan.
Satispay is now a leading provider of corporate welfare in Italy: three years after its launch, the platform has 45.000 corporate clients and over 430.000 workers served. It is from this position and this responsibility that Satispay has chosen to invest in independent research and bring data to the forefront of public debate between politicians, businesses, and academia.
Alberto Dalmasso, CEO and co-founder of Satispay, said that “corporate welfare has taken on a structural role in the lives of Italian businesses and workers.
For Satispay, supporting its development is not just a business opportunity but also a responsibility: in three years, the number of workers using our welfare program has grown to over 430.000, because companies have understood that welfare is not an ancillary service, but a fundamental tool for people's well-being. Yet uncertainty over the tax exemption thresholds still limits its potential. The numbers are clear: making this measure structural is a sustainable choice for the state, advantageous for companies, and, above all, a great support for workers, even more so in a context where inflation is slowing wage growth and squeezing purchasing power.
On the macroeconomic front, according to Cottarelli and Galli's research, corporate welfare produces an effect on GDP up to four times greater than that of an equivalent personal income tax cut, thanks to the measure's multiplier effect and its direct impact on demand. Whereas a 1% tax cut typically generates a GDP increase of only 0,11%, resulting primarily in private savings, fringe benefits require the actual expenditure of the sum quickly, with a direct effect on GDP and, consequently, on tax revenues for public administrations. Assuming an additional €1 billion in corporate welfare spending, using the expenditure multipliers derived from the Bank of Italy's econometric model, GDP would grow by €800 million in the first year and €1,25 billion in the third, with a tax revenue recovery of approximately €280 million in the first year and €480 million in the third. The actual net cost of the stabilization program would initially be approximately €648 million per year, in line with the amount already allocated for the three-year period 2025-2027. "Our analysis shows that the temporary nature of the tax benefits is among the factors inhibiting companies' structural investments in corporate welfare. Making the current regime permanent could encourage a more widespread rollout of the measure," Cottarelli and Galli stated, "with costs to the state coffers remaining limited and in line with estimates in the initial years. Compared to other support measures, welfare stabilization also offers a clear macroeconomic advantage: by directly incentivizing household spending, it supports domestic demand and generates a positive impact on GDP up to four times greater than across-the-board tax cuts."
On the business and employee front, the Milan Polytechnic study captures a corporate welfare system already widely adopted. The research highlights that 77% of companies with more than 10 employees already provide at least one form of benefit, but are structurally exposed to regulatory uncertainty. Twenty-two percent of employers cite this uncertainty as the main obstacle to introducing or expanding fringe benefits. The consequences of a failure to extend the program would be immediate: 20% of the companies interviewed openly stated they would cut their welfare budget up to the new exemption threshold, only 16% would maintain the current amount, accepting the transition to employee taxable income and social security contributions, while 40% are unsure how they would react. Workers would bear the brunt of the cost: 53% use fringe benefits to purchase basic necessities, and 93% of the resources allocated to shopping vouchers are actually spent, compared to 64-67% for more restrictive flexible benefit programs (culture, leisure, and education). Without fringe benefits, 48% of personal care purchases and 26% of those for culture, entertainment, and furnishings would simply not be made. "Fringe benefits are currently the welfare tool with the highest usage rate and have a direct impact on workers' real purchasing power. Our data," explained Martina Mauri, director of the HR Innovation Observatory at the Polytechnic University of Milan, "clearly show that regulatory uncertainty isn't a theoretical problem: it translates into concrete decisions by companies, which forgo investing in welfare when they can't plan for multi-year horizons. Stabilizing thresholds means unlocking a still largely untapped potential."
The study results have sparked a direct dialogue between the business world and institutions. The political and institutional panel included representatives of Parliament, along with business representatives, such as Walter Rizzetto, president of the Chamber of Deputies' Public and Private Employment Commission: "Fringe benefits are an important source of income support for workers and their families and, at the same time, enable businesses to increase their competitiveness. They are a tool capable of generating positive effects for the entire economic system, encouraging consumption and growth. This is why the Government has guaranteed funding for the measure for a longer period, thus offering greater certainty for next year as well. The goal must be to progressively consolidate this tool, in the knowledge that a stable and predictable incentive system represents added value for employment and business productivity." Rizzetto's sentiments were echoed by Paola Mancini, member of the Committee for Social Affairs, Healthcare, Public and Private Employment, and Social Security: "I've been working in human resources for a long time, and I know that welfare policies are built only on long-lasting rules. Corporate welfare is concrete subsidiarity: a company that cares for its workers and their families, and a state that supports it without taking its place. With this government, the fringe benefit thresholds have risen to €1.000 and €2.000 for those with children, until 2027. Now they need to be made stable and simpler, even for small businesses, always in addition to wages."
Elena Murelli, member of the Commission for Social Affairs, Healthcare, Public and Private Employment, and Social Security, stated that "corporate welfare should not be considered a cost, but rather a tool that can help support workers' incomes and families, while also improving business competitiveness. The data presented today are particularly significant: 53% of workers use fringe benefits for basic necessities, and regulatory uncertainty is already holding back corporate investment. This is why I believe it is important to consider stabilizing the current exemption thresholds, moving beyond the logic of extensions and offering businesses and workers a clear and predictable framework. The research presented also highlights how corporate welfare can also have positive effects on domestic demand and the economy. As legislators, we must therefore work to strengthen the tools that concretely increase purchasing power, promote worker well-being, and enable businesses to plan welfare policies in the medium to long term. Making this system more stable means investing in jobs, families, and the country's growth."
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