Rome

Scrapping Fornero law wd cost 85 bn - Boeri (3)

Restoring pre-2011 retirement wd cost 18 bn then 20 a year

Scrapping Fornero law wd cost 85 bn - Boeri (3)

Rome, February 13 - Tito Boeri, the head of pensions and social security agency INPS, on Tuesday said it would cost 85 billion euros to scrap the 2011 Fornero pension reform. Restoring pension and retirement terms and conditions before the law, named after then labour minister Elsa Fornero, would initially cost 14 billion euros a year and then, once it was bedded in, 20 billion a year. The "implicit social-security debt", he said, would be equal to five points of GDP, that is about 85 billion euros. Several parties have vowed to scrap the law in the March 4 general-election campaign, most notably the rightist populist League.

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