The new pension system aims to restore balance between the generations. It is necessary to give "less to fathers and more to children". These are the words of those who signed the latest pension reform, the Labor Minister Elsa Fornero, spoke this morning atAnia annual meeting, the National Association of Insurance Companies.
“We have a pay-as-you-go pension system,” the minister recalled. Workers pay contributions which are often interpreted as taxation, but which in reality serve to immediately support previous generations. Is it possible to see in this scheme an efficient insurance, which does not hide undesirable privileges? Yes, and that's what we tried to do."
Fornero underlined how “the design underlying the system is an intergenerational model, which has its own beauty, its own internal coherence. The message is simple: your pension depends on your job, the contributions you pay, the length of your working life. In reality, what you pay today is savings, even if forced”. Here because "no pension system can provide good pensions if the work system doesn't work”, concluded the minister.
