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Italy’s pensioners are getting poorer – but ECB wants pensions cut some more

Cuts to Italian pensions are among the demands of the European Central Bank and IMF to restore foreign ‘investor confidence’ in Italy.

But new research by Italy’s trade union confederation CGIL has found that:

  • Pensions are on track to have fallen by between 1.3% and 4.3% between 2008 and 2014 with the largest reductions on those on the lowest pensions
  • Three million pensioners are now on less than Euros 400 (£343) a month
  • Eight million pensioners on less than Euros 1,000 a month

Furthermore, pensioners pay a third of national tax revenues, or Euros 52 billion into the Italian Treasury. This will rise by a further Euros 2 billion by 2014.

“As if this wasn’t enough pensioners have no choice but to pay taxes, while tax evaders continue to defraud the country,” says Ivan Pedretti, national secretary of SPI CGIL. 

This is “profoundly unfair” and demonstrates that the government is placing the “burden on the poor, leaving the rich and privileged in peace.”

“It is really time to protect pensions, and introduce a tax on the assets of the very rich while at the same time launching a genuine fight against tax evasion.”

About revoltingeurope

Writer on Europe's Left, trade union and social movements @tomgilltweets or @revoltingeurope


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