Inpgi, here are the pensions of freelance journalists
Fiscal year surplus to 233.5 million thanks also to the reconciliation of contribution positions. Double the cost of pensions to 18.9 million
Key points
Operating surplus at 233.5 million and pension expenses almost doubled to 18.9 million. It may seem an 'oxymoron' (surplus and expenses doubled), but the Inpgi closes the year 2025 well not so much for the performance of financial management (4.38%) as for the weight assumed by the contribution reconciliations envisaged by Law 45 of 1990, i.e. the tool that allows professionals to unite all the contributions to various social security funds to obtain a single pension. In practice, someone who, for example, had paid contributions to the Inps as an employee and then became self-employed (lawyer, doctor, engineer, and so on) can transfer the amount of contributions paid to the Inps to the new autonomous fund, which will provide the pension cheque once the requirements have been met. Let us take a step back.
How the surplus was obtained
As of 1 July 2022, the social security management of employed journalists - the so-called Inpgi 1 - was transferred to the Inps thanks to Law 234/2021. In this way, Inpgi remained as the management only of self-employed journalists, freelancers and coordinated and continuous collaborators (the former Inpgi 2): in this new guise, reconciliations assumed a central role. In 2025, 155 journalists (against 80 the previous year) returned to Inpgi, generating contributions of 186.7 million, an increase of over 115 million compared to 2024 (when 71.7 million were paid). This is a very significant figure for an organisation of Inpgi's size.
Recruitment and Pensions
The budget also shows that the pension cost increased from 9.8 million to 18.9 million from 2024 to 2025. Almost double. The increase in the cost of pensions compared to last year's figure can therefore be attributed to the massive use of Law 45/90.
How it was invested
In the report, the Board of Auditors points out that the phenomenon of reconciliations has been 'very dynamic' over the last two years and has led to a positive deviation from actuarial forecasts.
But the effects of reconciliations are not limited only to the improvement of the pension balance. In fact, the balance sheet shows how a significant part of the resources generated by income management was allocated to investment activity. Fifty-five per cent of the resources generated were absorbed by cash flows from investment activities, with net investments of EUR 40.9 million in investment securities (real estate, private equity, infrastructure) and EUR 89.1 million in securities classified as current assets (shares, bonds). In practice, the strong increase in liquidity allowed Inpgi to increase investments precisely in a favourable market phase.
