Pensions, CGIL: 'Don't cut revaluation'. Here are the simulations by income bracket

In view of the forthcoming manoeuvre, the CGIL says no to the hypothesis of cutting the revaluation of pensions in relation to inflation on the basis of what already happened in 2023-204. According to the union, it would mean for the government to recover 'a billion euro for 2025, which is added to the 10 billion already cut' in the last two years. In a study CGIL and SPI point out that in the three-year period 2023-25 a pension that was 2,029 euro net in 2022 will lose a total of 3,571 euro while one of 2,337 euro will lose 4,487 euro. Over the expected lifetime after retirement, up to 40,000 euro will have to be foregone due to accumulated losses.

The analysis by the CGIL and SPI Pension Department highlights in particular the possible cuts foreseen for 2025, in addition to those already in place for the two-year period 2023-2024. Over the three-year period 2023-2025, a pension that in 2022 amounted to €1,732 net will suffer a total cut of €968; for a net pension of €2,029 the loss will be €3,571, and for one of €2,337 it will come to a loss of €4,487. Those receiving a net pension of 2,646 euro will lose a total of 4,534 euro.

According to the analysis, these cuts, projected on average life expectancy, can reach very high figures: from EUR 8,772 for a pensioner with EUR 1,732 net, up to EUR 44,462 for those who receive EUR 2,646 net. For CGIL and SPI 'an unacceptable subtraction of income from contributions'.

Overall, the report states, the squeeze on equalisation (Art.1, paragraph 309, law 197/2022) has produced savings for the state coffers, resulting in a cut on pensions, of over 3.5 billion in 2023 and over 6.8 billion in 2024. For the ten-year period 2023/2032, the savings accounted for in the documentation amount to more than EUR 61 billion.

Net of tax effects, the lower budgeted pension expenditure amounts to more than EUR 2.1 billion in 2023 and more than EUR 4 billion in 2024. Over the ten-year period 2023/2032, the lower pension expenditure accounted for totals EUR 36.805 billion, or exactly 60 per cent of the lower gross expenditure (since this is an intervention that reduces average high pensions, the average tax deduction was estimated to be 40 per cent of the lost equalisation increase).