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.