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Latest News

Italy moots raising retirement age

by Personnel Today 26 Aug 2003
by Personnel Today 26 Aug 2003

Italy
needs to raise its retirement age by five years to combat a "demographic
timebomb", according to Prime Minister Silvio Berlusconi.

Berlusconi
floated the idea in a newspaper interview, which has attracted strong criticism
from unions.

Berlusconi
told the Libero: "In Italy, people retire on average at 57. It means unsustainable
costs and an annoying loss of talent, which could end up sinking us.

"We
need to raise the retirement age by five years.

"We
start off every year with a 70 trillion lire (36bn euro) pension deficit."

Italy,
like many other European countries, has an ageing population relying on a
smaller workforce to fund pensions.

Under
current Italian law, people who have worked for 35 years can retire at 57.

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Berlusconi
says his plan to raise the age would be carried out in two stages, taking it to
60 by 2010 and only later to 62.

By Quentin Reade

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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