Economy / Politics

The Italian pensions: Back and forth, back and forth…

In 2011, when Italy looked on the verge of bankruptcy, the first significant act of Mario Monti’s technocratic Government was to enact the Fornero Law which introduced much more stringent requirements to go into retirement.

Obviously there were some collateral effects with enterprises forced to keep on their payroll aged employees who in many cases had started working as teenagers and without any exception made for arduous work and unemployed youngsters simply remaining without a job.

That is why Matteo Renzi’s Government, supported by the newly appointed social security boss Tito Boeri, is willing to apply the flexibility mantra also to pensions, allowing an early retirement in exchange of a reduced pension.

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