The Reform of the Pension System in Italy

Description

Pension systems in many industrial countries need to be restructured. The case for reform documented in numerous studies rests upon two pillars: (i) the generosity of a pension system, financed, at least in part, through high payroll contributions that place a distortionary burden on labor markets, and (ii) the prospect of a deterioration in key demographic ratios, which would put additional strain on pension system finances. On both counts Italy had long been singled out as country whose pension system was in dire need of reform: pension-related contribution rates are among the highest in the world, and the elderly dependency ratio is expected to experience the most dramatic increase among OECD countries. More generally, the generational imbalance of Italian public finances had been shown to be the largest among countries for which generational accounts are available, and the generosity of the Italian pension system was shown to account for an important part of this imbalance.

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