Employment levels in Italy have
increased over the last five years but in the same period real
wages have fallen by around 10%, Gabriele Fava, the president of
pensions-and-social-security agency INPS, said on Thursday.
"The significant recovery in employment, both in terms of jobs
and labour intensity, has not been matched by an increase in
incomes and wages so as to fully compensate for the loss of
purchasing power resulting from the price increases of recent
years," Fava told a parliamentary committee.
"The average annual per capita wage in 2023 was equal to 25,789
euros, an increase of 6.8% compared to 2019.
"The average change in consumer prices between 2019 and 2023 was
around 15-17%"
Fava added that spending on State pensions has risen from 268 to
319 billion euros, an increase of almost 19%, in that period.
He said pension expenditure grew by 7.4% in 2023 compared to
2022, reaching 15.3 per cent of gross domestic product, one of
the highest levels in Europe.
Expenditure as a proportion of GDP "will increase significantly,
to over 16%," in the 2023-2024 period, he said.
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