New old-age and early retirement pensions, Inps clarifications on the 2024 manoeuvre

A useful tool for those who want to untangle the new rules for retiring. In a circular (the 46th of 13 March), the INPS has provided a series of indications on the changes introduced by the 2024 manoeuvre (law 213/2023) on the subject of old age and early retirement pensions for workers with first contribution credit since 1 January 1996. Here, in summary, are the indications provided by the social security agency.

From 1 January 2024, the threshold amount requirement for access to the old age pension is equal to the amount of the social allowance, the provisional value of which for the year 2024 is €534.41. The Inps recalls that the right to an old age pension is obtained upon fulfilment of the age requirement of 67 years (for the two-year periods 2023-2024 and 2025-2026) and a minimum contribution period of twenty years, provided that the pension amount is not lower than the threshold amount. Workers who meet the requirements by 31 December 2023 (including the threshold amount of 1.5 times the amount of the social allowance) are entitled to an old age pension under the previous rules.

The right to the early retirement pension is obtained at the age of 64 (for the two-year period 2023-2024 and 2025-2026), if at least 20 years of actual contributions have been paid and credited and provided that the amount of the first pension instalment (threshold amount) is at least 3 times the amount of the current social allowance (1.603.23 euro): this amount is reduced to 2.8 times (1,496.35 euro) for women with one child and to 2.6 times (1,389.46 euro) for women with two or more children.

The early retirement pension is recognised for a maximum gross amount not exceeding five times the current minimum allowance (€2,993.05) for the months in advance of the eligibility requirements provided for by the legislation in force: when the age requirement for an old age pension is reached (67 years for the two-year period 2023/2024 and 2025/2026) the entire amount of the pension, equalised over time, will be paid. The early retirement pension takes effect three months after the requirements are met (the so-called window).

Workers who fulfil the requirements by 31 December 2023, including the threshold amount of 2.8 times the amount of the social allowance, maintain the requirements under the previous legislation.