A new law is in the works to overhaul Italy’s public pensions system, and it has the support of the country’s largest pension fund.
Prime Minister Matteo Renzi’s plans would see a new pension reform law pass through the Senate in March, and a referendum would then be held, which would give voters the chance to reject the reforms.
The bill would change Italy’s existing pension systems, replacing the existing Social Security and state pension funds with a single, unified system.
This would be the first time that a government has proposed a change to Italy’s long-established pension system.
The new law would also see Italy’s average federal pension fund increase by 2% in line with the IMF’s forecast, and the average pension of Italy’s military personnel by 6%.
The Italian government hopes to secure a majority in the Senate for the new law, which is expected to be voted on next week.
Renzi has pledged to reform Italy’s retirement system and has repeatedly called for the Italian people to vote in favour of a reform of the public pensions, which has been in place for more than 60 years.
Renz has also promised to introduce pension reform measures that will increase the maximum pension of Italians to 2.5% by 2020.
The government hopes that the reform will boost Italy’s gross domestic product (GDP) by 0.3% in 2019 and by 0,7% in 2020, and would boost the national debt by 3.5%.
Renzi’s reform is supported by the countrys biggest pension fund and by many of its biggest employers, with most of the biggest employers in the industry having already announced plans to implement reforms.
Italy has a population of about 70 million and about 200 million of its citizens are retired, meaning that nearly half the population will be aged 65 or older by 2020, according to the OECD.
According to the International Monetary Fund, the average national income per capita for the year 2020 is 1,639 euros, or $1,981, which means that Italy has the second-highest average annual income in the world.
Italy is currently the largest economy in the EU, after the United Kingdom.