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| ITALICA NEWS |
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| Italy: impact of pensions on GDP higher than in the previous year |
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| [ Italica ] – According to Italy's National Institute of Statistics, Istat, pension expenditure, 277 billions of euro in 2014, accounted for 17.17 per cent of GDP, recording a slight increase from 2013, when it was at 16.97 per cent. Occupational pensions are worth the 70 per cent of the total expenditure, while spouse's pensions are the 14 per cent, minimum state pensions the 8 per cent, and disability pensions and injury pensions are worth 5.6 and 1.6 per cent respectively. The 47.7 per cent of pensions are paid in the North of Italy, while the 20.4 per cent is distributed in the Centre and 31.9 per cent in the South. High expenditure did not result in higher pensions as more than the 40 per cent of pensioners receive an average monthly pension income lower than 1,000 euros. A few days ago, Tito Boeri, president of Italy's National Institute of Social Welfare, maintained that pensions of the future will be at least 25 per cent lower than those of today. [ December 4, 2015 – Italica News from Italy and San Marino ]
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