Encouraging workers to postpone retirement and maintain the most seasoned employees within the company - an exploration of Italy and Spain's approaches.
In the Italian labour market, the retirement landscape has undergone significant changes over the years. One such change is the introduction of the "Bonus Maroni bis" retirement incentive, aimed at encouraging early retirement with a financial bonus.
The original Bonus Maroni, active from 2004 to 2007, was more generous, allowing private sector employees who met the criteria for the seniority pension without accessing it to receive all their contributions (including the employer's portion) tax-free, equating to approximately 33% of the salary. However, the subsequent iterations of the quota requirements for retirement in Italy, evolving from quota 100 to quota 103, have been less appealing.
Fast forward to 2023, and the Italian government introduced an incentive for dependent workers who had reached quota 103 to delay retirement and continue working, receiving a portion of their contributions tax-free, amounting to about 9% of taxable income for pension purposes. Unlike the original Bonus Maroni, this incentive was subject to tax, meaning the additional amount was added to the salary and taxed accordingly.
The usefulness of the strengthened incentive for the worker lies in not having to pay taxes on the additional amount, as the higher salary determined by the contributions not paid is subsequently neutralized by the lower amount of the future pension. The Government estimates that this incentive will be activated by 7,000 people in 2025.
It's important to note that the management of the transition from working life to retirement has been subject to fluctuating decisions. For instance, the Fornero reform of late 2011 imposed a general forced retention at work without bonuses, but this was later changed. More recently, the older workers in Italy have been encouraged to stay at work a few more years due to changes in retirement requirements.
The demographic winter in Italy, which is becoming less and less likely, results in a shortage of workers. The government's decisions regarding retirement requirements have been driven more by financial constraints and the desire to broaden political consensus than by the need to address the demographic winter.
However, without updated sources, we cannot provide the latest details or assessment of the "Bonus Maroni bis" performance since 2023. For current and detailed information, we recommend consulting official Italian government labor or pension ministry websites, recent legal texts, or trusted financial news outlets specializing in Italian social security reforms.
Business owners may find it beneficial to understand the recent changes in Italy's retirement landscape, such as the "Bonus Maroni bis," as it influences personal-finance decisions for their employees nearing retirement age. Delaying retirement can lead to receiving a taxable financial bonus, helping to manage personal finances more effectively during this transition period.
