Economy / Society

Future Italian pensions “won’t assure dignified life”

Italian Minister of Labor Enrico Giovannini admitted during a conference held in Milan yesterday that “the cuts to the pension system won’t necessary assure a dignified future to many people”.

After decades paying very generous pensions, the Italian retirement system was subject to harsh cuts to avoid the country a financial collapse.

However, as a result many people will get a pension worth less than 1,000 euros.

It is unclear how exactly this can be sustainable in a very aged country like Italy.

The Government tried to encourage people to draft private retirement plans with their banks, insurances or trade unions, but many people simply cannot afford that.


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