Contractual Saving and Social Security in Italy

ADAPTING TO UNSTABLE GLOBAL FINANCIAL MARKETS, Josep A. Pica, L.L. Waters, eds., Indiana University Press, pp. 31-44, 1998

Posted: 28 Nov 2006

See all articles by Arnaldo Mauri

Arnaldo Mauri

Università Degli Studi di Milano

Abstract

Social security schemes as well as contractual savings schemes serve significant economic and social objectives in many countries, both developed and developing. The paper examines the relationship between social security and contractual savings in Italy. In particular it focuses on two main points. The first is the operational scope presently allowed by legislation framework, the outcome of the history of Italy's pension system. The second point of the analysis is the efficiency with which public sector and private institutions operate side by side in this field. The public pension scheme is in disarray; a few figures at this regard are significant: total pensions outlays, as percentage of GDP tripled in the period 1960-1985 and doubled since 1970. The increase in the pensions disbursement in Italy has contributed steadily and noticeably to the worrying expansion of public expenditure and debt. An overhauling of the State pension system can therefore no longer be postponed. Feasible lines of reform presented by the paper are the following: (1) new regulations on pensionable age; (2) reduction of coverage currently provided to leave more room for integration with private schemes; (3) change of financing methods abandoning the welfare-type. The future of private schemes provided by contractual saving institutions will largely depend on the strategy adopted by Government in reforming the whole Italian pension system

Keywords: social security, pension system, contractual saving

JEL Classification: G22, H55

Suggested Citation

Mauri, Arnaldo, Contractual Saving and Social Security in Italy. ADAPTING TO UNSTABLE GLOBAL FINANCIAL MARKETS, Josep A. Pica, L.L. Waters, eds., Indiana University Press, pp. 31-44, 1998. Available at SSRN: https://ssrn.com/abstract=930027

Arnaldo Mauri (Contact Author)

Università Degli Studi di Milano ( email )

Milan, 20122
Italy

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