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Pension Reform and Economic Policy Constraints in Italy

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  • Felice Roberto Pizzuti

Abstract

The reforms of the Italian pension system approved by Parliament at the end of 1992 and in the summer of 1995 have been strongly conditioned by two goals of general economic policy: the re‐equilibrium of the government budget and a new approach in the relationship between state and market. In this paper the author examines the main aspects of those reforms, analysing the consequences on the pension system of pursuing the general aims of economic policy. In particular, after having noticed the positive modifications, three criticisms are pointed out. (1) The extension of the private and funded component of old‐age insurance, apart from its negative effect on the efficiency of the entire pension system, implies subsidizing above‐average incomes at the expense of the lower ones. (2) The abolition of the link between real wages and pensions decided by the reforms implies a cut in the intergenerational contract which is dangerous from both an economic and a social point of view. (3) The political context has influenced some relevant technical aspects of the new pension system, causing some inconsistencies on operational grounds.

Suggested Citation

  • Felice Roberto Pizzuti, 1998. "Pension Reform and Economic Policy Constraints in Italy," LABOUR, CEIS, vol. 12(1), pages 45-66, March.
    • Handle: RePEc:bla:labour:v:12:y:1998:i:1:p:45-66
    DOI: 10.1111/1467-9914.00056
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    Cited by:

    1. Marcello D’Amato & Vincenzo Galasso, 2002. "Assessing the Political Sustainability of Parametric Social Security Reforms: the Case of Italy," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 61(2), pages 171-213, December.
    2. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.

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