Inps: pension spending up 7.4 per cent, pledge on citizenship income falls 16 per cent

Inps spending on pensions in 2023 reached EUR 304.14 billion, an increase of EUR 20.890 billion over the previous year (+7.4%). The total number of pensions paid out in the year was 837,399, down from 876,024 in the previous year. Expenditure on the Citizenship Income decreased in particular during the year, thanks to the squeeze on the so-called employable, which limited to seven months the period in which the subsidy could be received if there were no minors, disabled people, people over 60 or those in an ascertained situation of hardship in the family. In 2023, 6,688 million was spent on the Citizenship Income and Pension, a reduction of 16.86%, or 1,350 million, compared to 2022. The general picture was outlined by the Institute's Steering and Supervisory Board, which presented the economic statement reporting a substantial increase in pension expenditure for the year (+7.4%), but almost entirely linked to revaluation against inflation in 2022. Balanced accounts for the INPS, which closed 2023 with a positive economic result for the year of 2.063 billion.

The institute's Steering and Supervisory Board presented the financial statement, reporting a substantial increase in pension spending for the year (+7.4%), but almost entirely linked to revaluation against inflation in 2022. The balance sheet was assessed as a 'glass half-full' by the undersecretary for labour, Claudio Durigon, who did not completely close the door on the possibility of a new intervention on pensions, speaking of the need for a stable reform that would, however, be combined with the sustainability of the accounts.

Expenditure on social inclusion as a whole remained substantially unchanged (+0.3 billion) but with a decrease of 1.35 billion for the Rdc and an increase of 1.08 billion for civil invalidity benefits. The Inps' 2023 budget closes with a balance of accrued financial management of EUR 12.18 billion, a positive operating result of EUR 2.063 billion and a net asset surplus that increases from EUR 23.22 billion to EUR 29.78 billion. The figures are positive but lower than in the financial year 2022 (with a decrease of 5.083 billion), while they remain higher than in 2021 and the 2023 forecast.

"The 2023 Report,' explained the president of the Civ, Roberto Ghiselli, 'highlights an important result for the Institute and represents a further element attesting to the balance of the Italian public pension system. It is important,' he concluded, 'that policymakers choose a coherent strategy to deal with it, in order to guarantee a prospect of stability and sustainability of the system from an economic and social point of view, through policies to support the quality development of the production and employment fabric, which can positively affect the main stability factors of the social security system, starting with the growth of wages and the resulting contribution revenue'.