The Reform of the Pension System in Italy

ByA. J Hamann

February 1, 1997

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Italy’s pension system was reformed in August 1995. The new system has various desirable long-run properties and, overall, it represents an improvement over earlier systems. However, it fails to address two longstanding problems: extremely high contribution rates, and a lack of provisions for dealing with the substantial deterioration in demographic ratios expected over the next 30-40 years.

Subject: Aging, Demographic change, Expenditure, Labor, Pension spending, Pensions, Population and demographics, Retirement

Keywords: Aging, Amato system, coefficient, contribution rate, Demographic change, dependency ratio, early retirement, Pension spending, pension-to-GDP ratio, Pensions, ratio, Retirement, self-employed worker, transformation coefficient, WP, yield coefficient

Pages:
34
Volume:
1997
DOI:
https://doi.org/10.5089/9781451922790.001
Issue:
018
Series:
Working Paper No. 1997/018
Stock No:
WPIEA0181997
ISBN:
9781451922790
ISSN:
1018-5941

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