Chiara Nava The lack of pension revaluations over the past fourteen years has resulted in significant losses for those receiving the highest pensions, with amounts reaching nearly €200. This is according to an estimate by the Italian Confederation of Managers and High Professionals (Cida), which estimates that even those earning a gross monthly pension of €5.500 have accumulated a loss of approximately €96.
The issue returns to the center of the debate with the new financial plan , which provides for further tightening of the mechanism for adjusting pensions to the cost of living.
Pensions: How Much Is Lost Through Failure to Revalue?
According to Cida's calculations, considering a full 100% revaluation and 3,4% inflation, someone receiving a gross pension of €5.500 per month would have lost approximately €96 over the course of fourteen years.
The figure rises to approximately €178 for a €10 gross monthly salary. This would be compounded by another €3.029 in losses in 2027.
These estimates are based on a system of full revaluation for inflation . A comparison with the current mechanism yields lower, but still significant, figures.
According to the Confederation, the problem mainly concerns medium-high income earners , which over time have suffered a reduction in purchasing power due to only partial adjustments.
The tightening of the maneuver and the appeal of the Cida
The association is targeting Article 55 of the budget law, which introduces new restrictions on the pension indexation mechanism . Cida is calling on the government to repeal the provision, believing it could further exacerbate retirees' loss of purchasing power.
The restrictions apply to benefits exceeding four times the minimum wage , a threshold corresponding to approximately €1.850 net per month. This group, according to criticism, also includes a portion of the middle class. Furthermore, the amounts not recognized through the partial revaluation would not be recovered in subsequent years, with effects that are therefore destined to persist over time.
The comparison is intertwined with the other tax measures envisaged in the budget. The reduction in the personal income tax rate from 43% to 33% for incomes between €50 and €55, for example, would be valid until 2027 and could guarantee a maximum saving of €500.
Pensions, union demands and the issue of coverage
The call to amend the law isn't limited to Cida and Federmanager. Trade unions, particularly the CISL, have also spoken out against the restrictions. General Secretary Daniela Fumarola has called for the measure to be repealed, finding Deputy Prime Minister Antonio Tajani willing to consider submitting amendments.
Any changes, however, will have to take into account the resources needed to compensate for the lost savings . A reduction in the indexation mechanism would guarantee the state a reduction in pension spending estimated at approximately 1,4 billion euros per year, with permanent effects. This is precisely the economic and political crux of the debate : on the one hand, the demand to protect the purchasing power of pensions, on the other, the need to identify coverage for any adjustments to the budget.