Non è un paese per giovani : Sfide di (in)sostenibilità demografica e finanziaria del sistema pensionistico italiano

The paper aims to critically analyse the Italian pension system and its ability to face the incoming demographic and financial challenges. Starting point for the suggested reflections is the study «OECD Pensions at a Glance 2021. How does Italy compare?» carried out by the Organisation for Economic Co-operation and Development (OECD). Firstly, the paper describes the principal characteristics of the last fifty years of pension reforms. The gradual increase of the retirement age and the introduction of a notional defined contribution pension system are trying to assure the long-term system's financial sustainability. However, this reform’s trend jeopardises the adequacy of workers’ pension benefits with short or fragmented careers. Secondly, the research describes the early retirement legal options introduced by the Italian legislation. According to the OECD’ study, these options provide a workout of the link between retirement age and life expectancy. On the one hand, early retirement options result in substantially lower pension benefits; on the other hand, they risk to compromise the intergenerational solidarity agreement on which the pay-as-you-go pension system is based. Finally, the paper aims to contribute to the debate about the relationship between social security and social assistance under the Constitutional light. The long-term financial sustainability needed by the pension system to face demographic and economic crisis jeopardises the adequacy of social security entitlements. As a result, more people will claim social assistance benefits. In conclusion, the state of the art of the Italian pension system, together with the rapidly ageing population and the increasing number of workers with low salaries and short or fragmented careers, put at risk their right to an adequate pension as guaranteed by Article 38, paragraph 2 of the Italian Constitution.