Overview

• Labor undersecretary Claudio Durigon proposes a voluntary option letting workers convert Tfr held at INPS into a monthly annuity to qualify for retirement at 64.
• Access would require a pension of at least three times the assegno sociale (€1,616), with at least 25 years of contributions when Tfr is used, and benefits would be computed entirely under the contributive method.
• INPS message 2491 clarifies that many public employees who exit between 65 and 67 lose the derogation on retributive aliquote, leading to lower checks unless they retire at the legal old-age limit or after a period of authorized extension up to 70.
• Unions and opposition reject tapping Tfr as “deferred wages” and press the government to open talks, while the executive signals a freeze of the automatic 2027 age increase and a likely renewal of the “Bonus Giorgetti.”
• Budget planning for 2026 must fit within a 1.6% cap on net primary spending (about €16 billion), with the Treasury weighing allocations based on ministries’ past ability to spend and the Ragioneria vetting pension costs.