The 2011 Pension Reform in Italy and its Effects on Current and Future Retirees

by Margherita Borella and Flavia Coda Moscarola; CeRP WP N. 151/15

We analyse the effects of the pension reform of 2011 on individuals’ retirement age, adequacy and distribution of the benefits for various categories of Italian workers. The main findings are an increase in the average retirement age, generally raising over time, coupled with a sizeable increase in average replacement rates. However, the most affected group is represented by women employees born in 1955 and retiring in the period 2012-2021, who face an average increase in retirement age of four years, while benefiting from an increase in the average replacement rate of thirteen percentage points.

Keywords: pension reforms, microsimulation, wage profiles.
JEL: H55; C63, J31