Pensions, the Maroni bonus: advantages and disadvantages for workers

Almost 6,900 euro more at the beginning, no more than 1,445 euro in the fifth year, but with a lighter pension coming in. This is how much a private employee, who meets the requirements for access to Quota 103, would see his or her annual pay packet rise if, at the age of 62 and with an income of 40,000 euro, he or she decides to take advantage of the so-called 'Maroni bonus' until reaching the age of 67. Which is nothing more than an incentive to stay in work: the availability directly in the salary of the pension contributions paid by the worker to the Inps. An incentive that the budget law being examined by Parliament has extended to the whole of 2025, among other things now in a tax-free form, and has extended to those who have accrued the necessary 42 years and 10 months of contributions ('41+10' for women) for early retirement regardless of the age threshold. As emerges from a simulation developed by the Parliamentary Budget Office (PAB), the advantage, 'in a short-term evaluation horizon', becomes relevant in terms of 'immediate increase in disposable income'. If, on the other hand, the evaluation horizon is the long term, the bonus - states the Upb - "is not relevant for the purposes of convenience. The explanation lies in the fact that the lower pension contributions paid correspond to lower pension benefits in the future'.

The original version of the Maroni bonus in the period between 2004 and 2005 had found favour with about 53,000 people. The re-edition of this measure, with a much-revised physiognomy, however, was already planned by the Meloni executive for 2023 and 2024. The government has now decided to extend and strengthen it to the whole of 2025. The facilitation translates into the opportunity for the worker to have directly available in his pay envelope the portion of his contributions destined for the INPS, equal to 9.19% of the pensionable income for private workers and 8.85% for public workers. Contributions that next year will be 'exempt' for Irpef purposes. Workers who meet the requirements for Quota 103 'contributory' (at least 62 years of age and 41 years of contributions) and for early retirement with 42 years and 10 months of contributions (41 years and 10 months for women), regardless of age, will be able to benefit.

The Upb tries to estimate the actual benefit produced by the bonus in the immediate future and over a longer time span for a private employee aged 62 with an annual income of 40,000 euro who decides to stay at work until reaching the age limit of 67. The estimate with 'positive growth and institutional parameters' is elaborated with values in euro at 2024 prices, calculated on representative individuals employed in the private sector, with 'labour income growing at 1.5 per cent and the notional return of the contribution system equal to 1 per cent'. Moreover, the contribution rate taken as a reference is "equal to 9.19% and the marginal Irpef rate is set at 35%" while "life expectancy is taken from the ISTAT mortality tables for 2023" and "the coefficient for transforming the notional capital into an annuity is that provided for by current legislation for the retirement age of 67 years". Taking all these parameters into account, the net annual gain, due to the portion of contributions diverted to the pay packet and the tax deduction, discounting the future reduction of the pension cheque, would be 6,876 in the first year, 5,570 euros at age 63, and 4,229 euros at age 64. As age increases, the payroll benefit decreases, falling further to EUR 2,855 at age 65 and EUR 1,445 at age 66.

In the long run, the Maroni bonus therefore seems to be much less convenient. Not least because 'the lower pension contributions paid correspond to lower pension cheques in the future', points out the Upb. Which adds: 'the only substantial advantage then lies in the fact, but this only happens from 2025, that the contributions entering the pay packet are exempt from personal income taxation'. But the Upb also notes that 'by far the greatest part of the benefit of the contribution credit waiver measure depends, from a long-term perspective, on the exemption from personal income taxation'.

In the technical report of the budget law, the government assumes 7,000 workers as the potential target group for the Maroni bonus in 2025. "In the light of the estimated number of potential beneficiaries of the facilitation and the fact that the tax advantage is not particularly incentivising, the estimates of the technical report appear to be prudential," states the Upb. It goes on to emphasise: 'the success of the incentive policy in significantly increasing labour market participation would require a larger financial commitment than that envisaged'.