21/08/2017

Social Security & Pension System

Social Security System

A  state-run  system  of  social   security  operates  in  Italy,  covering   illness,   maternity, unemployment, pensions, disability and family allowances.

This system is financed by contributions from  employees and  employers, calculated as  a percentage of the employee’s gross remuneration.

Because these contributions represent a relatively high surcharge on labour costs they  are of paramount importance in determining operational business costs.

The  employer’s part  of the  social  security contributions is in the  range  of 29  percent to 32 percent of the  gross salary, while the  employee contributes approximately 10 percent. Similar percentages apply to executives although contributions can be made through various types of specialised funds.

In Italy it is compulsory to  pay  national insurance contributions to  INAIL (National  Institute for Accidents  at Work)  for coverage against  the  risks  of accidents  at  work or occupational diseases. The cost of this insurance ranges from 0.4 percent to 3 percent of the gross  salary.

Pension Treatment

Italian law provides for two different types of pension: old-age pensions and seniority pensions.

Old-age Pensions

Employees registered with the  Italian Social Security  Institute INPS are entitled to an old- age pension provided  that they meet the following requirements:

  They have paid social security contributions for at least  20 years
  Closure of the they are 65 years  old (men) or 60 years  old (women).
   

The right to an old-age pension is subject to termination of employment.

Seniority Pensions

Employees registered with the Italian Social Security Institute INPS are entitled to a seniority  pension when they have fulfilled one of the following requirements:

 

They are 58 years  old and have paid social security contributions for at least 35 years  (the amount of contributions and the age limit will be raised  to 36 years  and 61 years  respectively)

 

They have paid more  than 40 years  of contributions, regardless of their age

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