The latest data from the Italian National Institute of Statistics (Istat) reveals insights into the financial health of pension institutions in Italy for the year 2021.
Istat conducts an annual survey to capture the financial statements of pension institutions, forming the backbone of Italy’s Economic Account of Public Administrations. This report adheres to the European System of Integrated Economic Accounts (Sec2010) and the economic account of social protection, designed according to the standards of the European System of Integrated Social Protection Statistics (Sespros). This comprehensive data is gathered through survey models.
Pension institutions, whether public or private, play a crucial role in providing social benefits. They cater to specific groups of insured individuals, offering benefits like disability, old-age support, survivor benefits, and other types of coverage. Istat has segmented these institutions based on the primary social benefits they offer. For example, institutions focusing on disability, old-age, and survivor pensions have been further categorized into groups, accounting for different employee categories.
The data collection process involves sampling for private institutions and full coverage for public entities. The study encompasses income and expenses, analyzing the financial statements in both accrual and cash formats. Important income and expenditure categories have also been estimated at the regional level.
One notable finding is the increase in the pension coverage index, which measures contributory income to expenditure on social benefits. This index saw growth in comparison to 2020, a year heavily impacted by the Covid-19 pandemic.
The data release includes easy-to-understand data tables, an explanatory note, and guidelines for interpreting the information. The report also provides an estimation of pension benefits offered to residents living abroad.
The information holds immense value in understanding Italy’s pension landscape, shedding light on how pension systems, both public and private, contribute to the country’s social protection framework.