Le pensioni in Italia: nuove sfide e vecchi problemi

The article provides a summary of the 17th Annual Report of the Italian Institute of Social Protection (INPS). The report sheds light on some key challenges for the Italian pension system. The report provides three major insights. First, due to the long phase in period of the reforms passed in the last decades, pensions are still largely paid on the base of the define-benefit rules. As a consequence, the system has maintained its traditional characteristics (high level of spending, low redistribution). Second, the demographic risks – the projected decline of the Italian population – put further pressure on the system. Third, the reforms proposed by the government are expected to increase pension outlays and put its sustainability at risk