Pope Francis Warns of Financial Crisis in Vatican Pension Fund

The Vatican's pension system faces a significant deficit, prompting urgent reforms and employee concerns over transparency and potential sacrifices.

Pope Francis has identified a 'serious imbalance' in the Vatican's pension fund, threatening its ability to fulfill future obligations.
Cardinal Kevin Farrell has been appointed as the fund's new administrator to oversee necessary reforms and stabilize its finances.
The Vatican's financial struggles stem from years of mismanagement, budget deficits, and revenue losses during the COVID-19 pandemic, including prolonged museum closures.
Employees, concerned about potential pay cuts and lack of transparency, have called for the pension fund's financial details to be made public.
The Vatican's pension fund liability was estimated at €631 million in 2022, while the Holy See and Vatican City continue to operate under separate but strained budgets.