Reform: pension system |
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| Authors: | Andrea Monorchio |
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| Institution: | Department of General Accounts , Ministry of the Treasury, Budget and Economic Planning , Via XX Settembre 97, Rome, 00187, Italy |
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| Abstract: | This paper covers the main aspects of the reforms of the pension system in Italy. The reform process -concerning the automatic adjustment mechanisms, the eligibility requirements and the determination of benefits- is directed to correct the weakness of the previous system (overprotection, excessive fragmentation, complexity) and to enhance its efficiency and financial sustainability. Overall, the reduction of pension benefits is leading to an increasing role for complementary retirement plans. |
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