The social security and assistance institution for Italian journalists is on the verge of bankruptcy. For the first time with great clarity the report of the Court of Auditors on budget for 2015 and on the evolution of the situation in these first few months of the year, he states in no uncertain terms that "the pension balance will presumably remain negative until 2045 while the assets will already be zero in 2030. Therefore, the opinion of the independent actuarial expert is, in the regulations in force, of non-solvency of the 'Inpgi”.
The analysis of the institution's financial statements carried out with accuracy by Court of Auditors it is very detailed and complex. However it becomes clear that there is one basic and growing imbalance between the contributions collected and the disbursements for social security and assistance so much so that the balance rises from -81,6 million in 2014 to minus 111,9 million last year. The number of subscribers continues to drop (about - 5%) reaching just over 15300 journalists with a ratio of members to retirees which drops from 1,97 to 1,77.
And to think that ten years ago it was almost one pensioner for every three active people. L'amount of reserves, compared to existing pensions, falls from 4,03 annuities to 3,93. To cover this enormous gap in the accounts, the Institute seeks to increase the profitability of its movable and real estate assets. However, even if the gross figures show a strong increase in the profitability of movable investments, i.e. in equity and bond securities, eliminating this figure from pluses and minuses not explicitly stated in the financial statements, the yield stands at 1,70% while that of real estate assets is equal to 1,42%.
To put the accounts in order by closing the overall balance with an apparently reassuring asset of 21 million, it is a capital gain of about 90 million due to the transfer of numerous properties from the direct assets of the institution to a management company at a price obtained from appraisals higher than the load. In short a paper capital gain which given the crisis in the real estate sector which shows no signs of ending, we hope it corresponds to the real values of the market.
To be a bit synthetic, it is clear that the Inpgi suffers from a severely deficient current management and that these deficits are covered, as has already happened in past years, by recourse to assets. But in doing so, sooner or later, in the absence of a trend reversal in the crisis that information is going through, or in the absence of drastic measures to rationalize services, the fate of the Organization appears marked.
The remedies adopted so far do not seem sufficient moreover, they were only partially approved in early 2016 by the supervising ministries. For example, the solidarity contribution on all existing pensions has not been approved. What it seems absent, however, is a widespread awareness both in the category of journalists and above all in the newly elected leaders, of the situation of serious danger in which the institute finds itself and of the need to act in depth if we really want to straighten the accounts.
First they are needed severe savings on all management cost items where they also appear unclear items such as the 2,41 million contributions to press associations, cost of the organs (Presidency and Council) and the personnel itself. Even if the figures that can be obtained in this way will certainly not be sufficient to cover the needs, it is a preliminary work to make the measures to be implemented on services credible and acceptable.
We must drastically reduce welfare measures, both layoffs and solidarity contracts. The latter went from 2,1 million in 2010 to a good 17,5 million in 2015. Above all, it will be necessary fully implement the Fornero reform both for the retirement age and for the calculation of the pension for those who will go there in the next few months. In this case, and only within an overall framework of reforms, it would also be logical to restore a small solidarity contribution for existing pensioners, given that it seems fair to ask for sacrifices from everyone in order to keep the barrack standing.
What is certain is that you won't be able to go on for long with accounting tricks or eating away your assets. The new president, Marina Macelloni, who coming from Il Sole 24 Ore should be familiar with the financial statements, what are you waiting for to clarify?
