How pension spending will change. Report
The analysis of the Study Center of Unimpresa on the programmatic budget document: there is a boom in spending on pensions, destined to rise by 50 billion in three years; spending on debt interest falls
Expenditure on pensions is destined to "jump" by over 50 billion over the next three years: compared to 287.6 billion in 2021, it will rise to 296.2 billion in 2022, 304.7 billion in 2023 and 312 , 4 billion in 2024, with an overall increase of more than 50 billion over the three-year period: INPS checks will weigh more and more on the public budget, going from 32% to 35% of total expenditure from the state coffers.
This is what emerges from an analysis by the Unimpresa Study Center, according to which the financial dowry put on the plate by the government, aimed at reducing taxes in 2022, is equal to just under 7 billion euros and not 8 billion. Budget planning document approved by the Council of Ministers, 5.97 billion (0.317% of GDP) are indicated for the revision of the tax system to improve the fairness, efficiency and transparency of the tax system. To this figure must be added the 2 billion already allocated with the so-called fiscal delegation, but half has already been "booked" by the tax collection reform.
Overall, therefore, the total funds available for the reduction of the tax burden is 6.97 billion (5.97 billion from the Dpb and 1 billion from the tax delegation). "Over a third of taxpayers' money will be used to pay the checks of those who do not work: this is an evident imbalance in the allocation of public resources, with a strong imbalance on the pension side, while it would be more appropriate to introduce corrective measures that shift resources towards investments, in particular those destined for the completion and construction of infrastructures, including technological ones, and of large public works »note the analysts of Unimpresa.
According to the analysis of the Unimpresa Study Center, which examined the Draft Budgetary Document for 2022, the amount allocated by the government for the reduction of taxes, overall, is equal to 6.97 billion euros, therefore lower than the 8 billion that we are talking about these days. The Dpb indicates 0.317% of the gross domestic product, which translates into 5.97 billion.
To this sum only one billion of the 2 billion of the fiscal delegation must be added, since the other billion hinged on the tax reform has already been allocated to the revision of the collection agios. On the public spending front, the Dpb shows a progressive decline in expenditure from the state coffers: from 897.7 billion in 2021 to 882.2 billion in 2022, then to 879.8 billion in 2023 and 886.3 billion of 2024. In the space of three years, therefore, there will be a substantial reduction in state spending equal to 29.6 billion (-3.3%). Spending on pensions goes against the trend: this is projected towards a progressive increase: compared to 287.6 billion in 2021, it will go to 296.2 billion in 2022, 304.7 billion in 2023 and 312.4 billion in 2021. 2024. Compared to the total expenditure, the payment of pensions will rise steadily: 32.2% in 2021, 33.5% in 2022, 34.6% in 2023 and 35.2% in 2024.
On the public debt front, there is an important and positive reduction in interest expenditure, made possible both by the favorable containment of interest rates and by the greater confidence of investors, especially international ones, in our country: compared to 60, 4 billion in 2021, the government has forecast, with the Dpb, 55.2 billion in 2022, 52.4 billion in 2023 and 50.4 billion in 2024. Overall, over the next three years, a "treasure" will accumulate of 23.2 billion (-38.4%) which make the cost of "debt service" more sustainable. "The sum envisaged for the reduction of taxes, in particular the taxation of income from employees, is definitely not adequate to significantly change the paychecks of workers and, therefore, on the one hand to give economic relief to families, on the other to give a positive impulse to consumption ”, the analysts of Unimpresa continue to observe.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-cambiera-la-spesa-per-le-pensioni-report/ on Sat, 23 Oct 2021 05:38:25 +0000.