President Sergio Mattarella on Monday
signed the 2025 budget Law, which will be in force from January
1st, presidential sources said.
The 30 billion euro package contains a mixture of tax and
spending cuts as well as boosting funding to the national health
service and simplifying the tax code.
The package includes a 1,000-euro bonus for the parents of
newborns, although it will be means tested, with wealthier
families excluded, as part of efforts to reverse Italy's
declining birth rate.
Banks, which have enjoyed high profits in recent years thanks to
the ECB putting up interest rates, and insurance companies will
be called on to make a 3.5-billion-euro contribution to the
budget, which will to go the national health system.
Critics have said that the measure, a collection of suspensions
of tax breaks, is only in fact a loan and that the financial
institutions will be effectively reimbursed in a few years'
time.
The budget also maintains cuts in the labour-tax wedge for lower
earners that the government made in its 2023 budget law.
The Quota 103 pension scheme is kept, enabling people to start
claiming a State pension before the retirement age of 67, under
certain conditions.
Around 2.3-2.4 billion euros of the financial coverage for the
budget comes from a review of public spending, with ministries
told to cut their budgets.
Healthcare resources will be boosted by 1.3 billion ahead of
contract renewals in 2028-2030 with higher allowances for
doctors and nurses and healthcare personnel working in ERs.
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