“In our country there is no complementary public pension solution as in other countries. This void could be filled through the creation of a complementary public form managed by INPS, voluntary and an alternative to private complementary forms, overcoming the current residual nature of FondInps' participation”. The proposal was launched by the president of the institute, Pasquale Tridico, who presented the annual INPS report to Montecitorio on Wednesday.
“The objective – he added – in addition to guaranteeing prudent management of the funds, should be to support a greater channeling of investments in Italy. In 2018, pension funds managed resources for 167,1 billion, equal to 9,5% of GDP, many of which invested abroad. The challenge of the INPS fund will therefore have to be to increase the number of members through the establishment of a valid alternative to private funds, but also to increase direct investments in our country".
Below are the other main passages of Tridico's speech.
"REDUCING WORKING HOURS TO FIGHT UNEMPLOYMENT"
“In industry there are the greatest excesses of working hours, defined by the ILO (International Labor Organization, ed) as weekly hours exceeding 40 hours, with peaks reaching 50, 51 and 52 hours respectively in the construction sector , in the mining sector and in the textile sector”.
Starting from these data, the new INPS president launches the idea of "a broader reflection that also embraces the possibility of a reduction in working hours, since our country is placed in Europe in the group of countries with a high hours worked per year per capita, with a number of approximately 1700 hours, higher than the average of the EU15 countries equal to approximately 1500 hours worked per capita per year. This reflection appears even more urgent if we consider the higher unemployment rate in Italy compared to the average of those countries”.
“MINIMUM WAGE: TODAY IT IS BELOW 9 EUROS AN HOUR FOR 4,3 MILLION WORKERS”
Tridico then pointed out that out of a total of 14,9 million employment relationships, 28,9%, equal to 4,3 million, falls below the threshold of 9 gross euros per hour, when the 5 Star Movement proposes as a threshold for the universal minimum wage.
For employees of private non-agricultural companies only, the incidence of employment relationships below the threshold of 9 euros gross per hour is 25,9%, for total wages equal to 7,5 billion euros.
IN 3 MONTHS CITIZENSHIP INCOME TO 840 NUCLEI
At the end of June, after three months of operation, they receive pension or basic income approximately 840 households, for a total number of individuals involved that exceeds 2 million. Furthermore, there are 319.324 singles who receive the citizen's income.
The average amount is 489,90 euros: it ranges from a minimum of 387 euros per month to a maximum of around 626 euros for families with five members.
205 THOUSAND IN RETIREMENT WITH 100 IN 2019. EXPENDITURE AT 3,6 BILLION
Also at the end of June, INPS had received a total of 154.095 applications for early retirement with 100 quota.
"Based on the trend of the first six months of application - explains Tridico - at the end of the year the expected number of pensions in payment will be approximately 205.000, for a total annual expenditure of 3,6 billion".
