Between unemployment, inflation, the cost of living and job instability, the situation of Generation X is certainly not among the best, who were born between 1965 and 1980 in fact would have to live with an incredibly low pension.
The generation born after the Italian economic boom is defined as the tenth generation, and unfortunately it is the first to be characterized by a very precarious economic and business situation, an aspect that will also have consequences for pensions.
How much will the tenth generation pension be?
Even if many people already imagine an imperfect pension situation, the data provided by the INPS highlights a drama on a national scale that worries not only those born between 1965 and 1980, but all subsequent generations as well.
Unfortunately, the world of work in recent years is characterized by an incredible amount of unreported, irregular work and low-paid fixed-term contracts, which offer little hope for the future of workers, young and old.
For INPS, people born in this time period will receive only 750 euros, an amount that indicates, yes, a specific case taken as an example, but which highlights a really tragic situation as with only 750 euros it is very difficult to live a decent life.
The estimate given by the annual report of the National Institute of Social Security represents a real social drama, at least that is how it was defined by INPS President, Pascual Tredeco.
The serious Italian economic situation
The pension amount also turned out to be very low due to the lack of wage growth in the last 20 years. According to the data, Italy is currently the penultimate place in the ranking of European countries with the lowest wages.
While Lithuania, Estonia and Latvia lead, respectively, +292%, +256% and +218%, in the last three places you can find Spain, Italy and Greece, which have become so since the lockdown period. Found with a negative value.
It should also be taken into account that the INPS estimate is based on a dummy model, which had to reach retirement age at 65 with 30 years of contributions paid and which always earned €9 per hour.
This number, which is already alarming, does not take into account that at the moment in Italy about a third of workers earn much less than 1,000 euros per month on fixed-term contracts.
According to Tredeco: “We should think of a combination and flexibility that can favor precarious jobs and precarious workers.”
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