Towards manoeuvre

Pensions, the construction site opens. Fava: sustainability is not in question

A new push for supplementary pensions is under consideration. To be decided the fate of Quota 103 and Opzione donna. Inps president assures: 'Young people will retire, we will launch a pension education campaign in schools'.

by Rome Editorial Staff

23 August 2025

3' min read

Key points

Pension expenditure on the rise
Young people will get pensions
We are launching social security education in schools.
Pension site
The relaunch of supplementary pensions
Numbers on the "second pillar"
The fate of Quota 103 and the Women's Option is to be decided
The issue of increasing life expectancy

3' min read

In view of the forthcoming budget law, the pensions worksite opens. While Inps president, labour lawyer Gabriele Fava, assures: 'the sustainability of the social security system today is not in question. The numbers say it, not opinions: in 2024 we have 400,000 newly insured, reaching 27 million active workers, of which more than 7 million young people. This is an historic record, which demonstrates the vitality of our social and productive fabric'.

Rise in pension expenditure

In an interview with ilSussidiario.net, the president of the Inps, a guest at the Rimini Meeting, explained that Italian pension spending will grow to 17.3% of GDP in 2036 and then fall: 'A challenging curve,' he said, 'but governable. In 2024 the Institute, for the first time in recent years, recorded a positive balance of 15 billion euro,' he noted, 'net assets are growing and contributions at +5.5%. Of course, the demographic context remains complex, but it is not just an Italian challenge: it concerns the whole of Europe'.

Young people will have a pension

Fava then pointed out that in Italy, despite the demographic decline, 'young people will have a pension. And I want to say it clearly: the real challenge is not sustainability per se, but confidence. Too many young people today experience pension provision as a distant illusion. That is why we are working on the unified pension account, which will give every citizen a single and complete view of their position, with reliable projections on the future'.

We will launch social security education in schools

From the new school year onwards, Fava announced, 'we will launch a national welfare education campaign: schools, universities, law enforcement, job fairs, cultural events. Because awareness is built early. And we will do it with the languages of young people: social networks, creators, podcasts'.

The Pension Yard

Government and majority are looking at the next budget law. For now, technicians are at work. And then much will depend on the available resources, which the Mef will 'certify' in view of the autumn budget session. From what we learn, the focus would be on an operation to relaunch the integrative forms, with the aim of increasing the number of members of the so-called 'second pillar', i.e. the complementary social security.

The re-launch of supplementary pensions

There was a first taste of intervention in the last manoeuvre, which opened up the possibility for fully 'contributory' workers to leave work at 64 years of age through the cumulation of compulsory and complementary social security. Among the hypotheses being studied is that of allowing this possibility also to those who are in a mixed system and have at least 25 years of contributions. Pressing this is above all the League which, as repeatedly repeated by the undersecretary for labour, Claudio Durigon, wants 64 years of age to become 'the true threshold of pension freedom'. In recent months it has also been the Minister for the Economy, Giancarlo Giorgetti, who has spoken of 'relaunching' supplementary pensions. Giorgetti, compatible with the strict constraints of public finance, had also indicated a possible course of action: improvement of membership mechanisms, increase in contributions, albeit in ways compatible with the strict constraints of public finance, introduction of incentives for competition and search for more efficient investment solutions. The Tfr could also play a role.

The numbers on the 'second pillar'

The point is that today less than two out of five workers are enrolled in the so-called 'second pillar'. From the latest annual report of Covip, the Supervisory Commission on Pension Funds, it emerges that in relation to the workforce the participation rate, net of those under 15 years of age, is 38.3%, slightly up on 2023 (36.9%). And no more than 29.9% of the employed 'under 35' are adhering to supplementary pensions, a significant increase, however, of 8.4% compared to 2019.

The fate of Quota 103 and the Women's Option is to be decided

At the end of 2025, the Quota 103 'contributory' version, i.e. the possibility of leaving early with at least 41 years of contributions and 62 years of age, but with the contribution-based method, should come to an end. There are also plans to stop other exit channels, such as Opzione donna, in its current restricted version, or Ape sociale. The government will therefore have to decide on the strategy to be adopted for 2026. At the moment the road to confirm these measures is uphill. Especially Quota 103 and Opzione donna are in the balance.

The issue of increasing life expectancy

The executive will also have to make a decision on the three-month increase in pension requirements from 2027 as a result of the automatic adjustment to life expectancy. The government's orientation is to 'freeze' this mechanism for a two-year period. In this case, the necessary financial coverage and compensatory measures will have to be found.