Inflation and purchasing power: the fiscal lever of welfare

In recent years, the purchasing power of Italian households has shown a structural weakness compared to the European average. According to Eurostat data published in 2025, in the period 2004-2024 real per capita income in Italia decreased by about 4%, while in the European Union it grew by more than 20%. Wage dynamics confirm this fragility: according to the OECD, at the beginning of 2025 real wages were still about 7.5% below 2021 levels. Together with the OECD and Istat analyses, the picture shows how inflation has significantly affected the real value of incomes, reducing the spending capacity of households.

In a context in which the protection of real income has become a priority for companies and workers, corporate welfare is configured as a concrete tool to intervene in a targeted manner on purchasing power. The experience of Pellegrini, a company that has been active for 60 years in business services aimed at people's wellbeing, fits into this scenario. Through its business lines - Catering and Vending, Welfare Solutions, Cleaning Sanitation and Integrated Services, and Food Supplies - the company operates daily in contact with hundreds of thousands of workers, impacting on the quality of life in the workplace and on the economic sustainability of families. An approach that integrates operational efficiency, social responsibility and attention to economic well-being, at a time in history when sustaining purchasing power is a strategic lever for business competitiveness.

Tax wedge and benefits engineering

For all companies, including SMEs and start-ups, as well as freelancers under the ordinary regime, the tax wedge is one of the main factors affecting labour costs, widening the gap between what is borne by the company and what is actually received by the employee. In fact, intervening on the salary side entails an overall economic outlay by companies that is much higher than the real net received by the employee. It is in this context that well-established instruments such as Lunch Vouchers and Purchase Vouchers take on a new role. No longer mere fringe benefits, but true 'fiscal engineering' assets capable of transferring immediate net value, without dispersing it in taxes and contributions.

 
Deductibility and Thresholds 2026: How the Efficiency of Welfare Changes
Recent legislative developments have made these instruments even more powerful, thanks also to the raising of exemption thresholds. There are two pillars of this strategy:

-The Meal Voucher:The tax exemption threshold has risen to 10 euros per day for the electronic format. This means that a company or a professional can recognise a significant monthly value (around 200-220 euros for a full time worker), fully deductible for companies, 75% deductible for professionals and fully tax exempt.

- The Voucher (Fringe Benefit): It is the most flexible instrument to fight inflation. It allows you to cover expenses that weigh on the family budget (supermarket shopping, fuel, shopping) while enjoying high annual deductibles and being completely exempt.

Cost analysis: the efficiency of net worth

To understand the real impact, it is necessary to analyse the difference between a pay rise and a welfare payment. In the first case, the amount is subject to contribution and taxation: to guarantee a certain net worth to the employee, the company has to bear a much higher overall cost due to the tax wedge. On the contrary, by using Luncheon Vouchers and Purchase Vouchers within the regulatory thresholds, the benefit is exempt for the employee and deductible for the company.

With the same investment, welfare therefore allows an integral transfer of the spending capacity, avoiding that a significant share of the budget is absorbed by the tax levy.

The same considerations apply to Freelance Professionals in ordinary regime. For them, meal vouchers are 75% deductible as board and lodging expenses (within the limit of 2% of remuneration). This turns an everyday expense into a tax-efficient cost, simplifying accounting and allowing full deduction of 10% VAT.

The Pellegrini Welfare Solution: Operational Simplicity

Fiscal efficiency does not have to translate into administrative complexity. Welfare Pellegrini solutions are designed to integrate easily into business processes, thanks to a cloud-based digital platform dedicated to businesses and a single App for users. Management is entirely digital, from ordering to disbursement, through to use via Card and App, with a system that allows the employee to have an electronic wallet that can be spent at a wide network of physical and online outlets. In a scenario where economic sustainability depends on optimising labour costs, the choice of welfare tools becomes a strategic decision.

For companies and professionals wishing to assess the concrete impact of these solutions on their cost structure, Welfare Pellegrini provides a customised analysis.

Request here your dedicated comparison and find out how much you can save with a tailor-made welfare plan https://buonopasto.welfarepellegrini.it