Not only will medium and high pensions not fully recover from inflation, but their revaluation has been postponed until March. This comes as a surprise to the 3.6 million pensioners with pensions starting at €2,447.40 gross, who are already penalized by the new indexation calculation mechanism envisaged in the budget. In a parliamentary hearing before the Budget Committees of the Chamber of Deputies and the Senate, INPS announced that it will apply the equalization from January only for pensions up to four times the minimum pension, while for others, the recognition of the differences due to the application of the revaluation with the new rules—through the adjustment—will arrive by the first quarter of 2027.
The CISL union is not accepting this and is requesting that the full payment of the revaluations be scheduled for January. The delay in the revaluation is due to the necessary timeframe, explained INPS Director General Valeria Vittimberga, noting that the processing of the January installment of benefits has already been determined. This is a practice already adopted in the past "to avoid having to subsequently request money from pensioners," noted Gianfranco Santoro, Central Director of Studies and Research. The postponement of the revaluation, however, weighs on pensions that already face penalties. The measure includes a new indexation calculation mechanism, moving from three to six brackets, and decreasing inflation recovery percentages from 100% to 32%. According to UIL Pensionati calculations, a pension of €2,500 gross per month loses €144.17 per year.
For a €3,000 gross pension, the annual cut is €153.92, while for a €3,500 gross pension, the loss is €574.73. The penalty therefore rises to €711.23 per year for a €4,000 pension, and to €1,015.43 for a €5,000 pension. This is a sacrifice for middle-class retirees, but it's also a heavy burden for the more affluent. The annual cut rises to €1,163.63 for a €6,000 pension, while for those earning €6,200 gross monthly, the loss reaches €1,314.17 per year. The Cida, the managers' union, estimates that those with a gross monthly pension of €5,500 have incurred a cumulative loss of approximately €96,000 since 2012. For higher pensions, the bill could reach nearly €200,000 since 2012, and another €3,000 in 2027.
The unions are united in calling for the elimination of the revaluation cuts, which the government expects to save over €1.4 billion annually over the next three years, before tax. This new cut adds to those of previous years. From 2023 to 2036, this will reduce pensions by over €100 billion, according to estimates by the SPI CGIL.
(Unioneonline)