Retrospective on Andrew Richard Bond, “Crisis, Reform and Achieving Financial Stability in the Italian Pension System” from Contradictions and Challenges in 21st Century Italy Perspectives on Business and Economics, Volume 21, 2003 Andrew Richard Bond ‘03 Has the Italian pension system changed since the article’s publication? The Italian pension system has been reformed a few times, once in 1992 and again in 1995 and 2018. Now in 2023, the Italian government is again aiming to reform the pension system in response to the immense strain the system has come under. Consistent with Bond’s discussion in Perspectives, “Italy’s pension system comprises three pillars: the state pension, occupational pensions, and private pensions” (Maunder, 2023). Some of the reforms that the Italian government desires for 2023 involve “the harmonisation of the first and second-pillar pension systems and simplifying rules for occupational pensions” (Serenelli, 2023). The hope is that the second pillar will play a greater role in the pension system overall, specifically regarding welfare and social support. “The pension reform is necessary because the measures taken in the budget law are not ‘structural’, but only for 2023, preparing for the possible overhaul of the pension system” (Maunder, 2023). Unfortunately, a majority of the pension reforms will not be enacted immediately; they have been delayed until 2024. How has recipient age been affected by the Italian pension plan? The standard pension age for men in Italy used to be 66, but it has since increased to 67 for those in both the public and private sectors. However, pension eligibility differs for women. Previously, public sector workers had to be “over 66 years of age; employees registered with social security institutions or substitute social security measures…over 62 years; self-employed workers and workers registered with the special fund for self-employment…at least 63 years and 6 months old” (etui., 2016). Then, in 2018 eligibility for each category of women workers was standardized at 66. Now, the most recent change to the pension system is the government’s decision to “allow residents to claim a state pension after making 41 years (or 42 for men) of social security contributions, regardless of age” (Maunder, 2023). References etui. (2016, September 20). Pension Reforms in Italy: Background summary. etui. www.etui.org/ covid-social-impact/italy/pension-reforms-initaly-background-summary Maunder, S. (2023, February 7). Pensions in Italy. Expatica Italy. www.expatica.com/it/finance/ retirement/pension-in-italy Serenelli, L. (2023, January 9). Italian government paves way for pension reforms. IPE. www.ipe.com/news/italian-government-pavesway-for-pension-reforms/ Retrospective by Sidney Jankanish ’23, Political Science and International Relations Martindale Retrospectives 5 June 2023
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