Over half of Italians pensions under 1,000 euros in 2012

Another 2.2 million receive under 500 euros monthly

Over half of Italians pensions under 1,000 euros in 2012

Rome, July 15 - Some half of Italy's pensioners in 2012 received less than 1,000 euros monthly from the State, the country's social security agency INPS said on Tuesday. The figures, which excluded former public employees, showed that some 7.2 million Italian pensioners, or 45,2%, got only triple-digit benefits. INPS detailed in the report that 14% of the country's retirees, some 2.2 million, receive less than 500 euros monthly, while 31% or 4.9 million earn between 500 to 1,000 euros. In June, the national supervisory agency for pensions said that struggling Italian workers, unable to cope with the ongoing recession, have not been making payments into their private retirement funds. It noted that in 2012, 5.8 million Italians belonged to private pension funds, an increase in enrolments of 5.3% over the previous year. However, 1.2 million of those members have not been making their payments into their pensions - an increase of 100,000 individuals, compared with 2011 figures, said the commission. Only about 25.5% of employed Italians actually have a pension plan, the commission noted. The report shows the urgency of continued funding of the national social security safety net, because in this economy individuals cannot afford to save for retirement, said the secretary general of the SPI-CGIL labor union.

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