Study Finds €13,000–€115,000 Ten-Year Losses From Italy’s Pension Indexation Cuts

An Itinerari Previdenziali–CIDA study estimates retirees with gross pensions above €2,500 will forgo at least €13,000 over the next decade, rising to about €115,000 for pensions above €10,000. The reduced revaluation affects more than 3.5 million people, roughly 21.9% of pensioners with benefits above four times the minimum (€616.67). The 2024 Budget Law curtailed indexation during the 2023–24 inflation surge and, in key cases, applied the lower rate to the entire pension rather than only amounts above thresholds; a 2025 return to banded rules does not recover past losses. Cumulative erosion since 2012–2025 is put at just over 21% for medium‑high pensions, with examples of about €178,000 lost on a €10,000 gross monthly pension and €96,000 on €5,500. Italy is cited by the OECD as one of few countries not granting identical percentage increases to all pensions, and higher‑income retirees provide a disproportionate share of pension IRPEF receipts.