Starting January 1, 2027, retirement will be a month later than this year, while benefits, assuming the same retirement age and contribution total, will be lower. Next year, both the increased retirement eligibility requirements and the biennial change in the conversion coefficients for contribution totals, which link pension benefits to life expectancy, will come into effect. Essentially, the percentage used to calculate pensions based on the amounts accumulated over the years through contributions will change, and with the same contribution total and retirement age, the pension received will be lower than this year. According to the new table published by the Ministry of Labor, at age 67, the conversion coefficient will drop from 5.608 to 5.514, a loss of 1.68%. Looking at the coefficients in effect in 2024, the cut is 3.65%. The later one retires, the higher the coefficient will be, but it will still be lower than this year.

Next year, this restriction will be combined with a one-month increase in the retirement age and the contributions required for early retirement, while in 2028 there will be a further two-month increase. Therefore, retirement will be achieved at 67 years and one month in 2027 and 67 years and three months in 2028, while 42 years and 11 months of contributions will be required, regardless of the early retirement age in 2027 (one year less for women) and 43 years and one month in 2028 (also one year less for women). The CGIL (Italian General Confederation of Labour) has calculated that at age 64, a contributory pension that, with the 2024 coefficients—and therefore prior to the 2025 revision—was worth €1,500 gross per month drops to €1,449.36 with the 2027 coefficients . The loss, explains Ezio Cigna, head of pension policies, is approximately €658 gross per year, and over the entire expected pension period, it totals €14,207 for women and €11,574 for men.

"While the government continues to talk about repealing the Fornero law," says Confederation Secretary Stefania Filetti, "workers must contend with the prospect of longer employment and with coefficients that reduce their pensions based on accumulated contributions. These losses, over the years, mean thousands of euros less in income." For women, the cumulative loss over the pension period, given the same retirement age and contribution amount, is higher than for men because average life expectancy is higher. With an initial pension of €2,000 gross per month retiring at age 64, according to the Observatory, which calculates trends by taking into account the revised coefficients in 2025 and 2027, the cumulative loss over the entire pension period, based on life expectancy, rises to €18,943 for women and €15,432 for men. For an initial contributory pension of €1,000 per month (this is only a contribution because you cannot retire at age 64 with a fully contributory pension unless your pension is more than three times the social security benefit), the overall reduction for the estimated years in which you will receive the pension is €9,471 for women and €7,716 for men. For a worker with a retirement salary of approximately €30,000 per year and an accumulated and revalued contribution total of approximately €284,000 at age 67, the pension goes from €1,250.13 gross per month calculated with the 2024 coefficients to €1,225.01 in 2025-2026, and finally to €1,204.48 in 2027.

The 2027 revision alone, assuming a reference age of 81.7 for men and 85.7 for women, results in a cumulative loss of approximately €4,992 for women and €3,924 for men. With the same contribution amount, one would earn €1,204.48 by retiring at 67 (€20.53 less per month than in 2026) and €1,394.08 by retiring at 71. Compared to the 2024 coefficients, the reduction in the contributory pension is equal to 3.38% at age 64, 3.65% at age 67, and 4.10% at age 71.

(Unioneonline)

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