Overview
- Censis–Confcooperative’s Feb. 12 report estimates a net replacement rate of 81.5% for today’s retirees versus 64.8% for those starting work in 2022 and retiring in 2060.
- The gap between final salary and first pension nearly doubles, widening from 18.5% to 35.2% for comparable 38-year private-sector careers ending at age 67.
- Italy’s working-age population is projected to shrink by 7.7 million between 2025 and 2050, increasing pressure on the pay-as-you-go system.
- Pension spending reached 15.5% of GDP in 2023, compared with a 12.3% European Union average, reflecting an older population and past policy choices.
- Low wage dynamics deepen the challenge: wages account for just 28.9% of GDP, younger workers earn about 39.8% less than over‑50s, and roughly 2.4 million employees are classified as working poor.