(Finance) – The INPS General Report 2023approved by the Board of Directors and Supervisory Board on 16 July 2024, ends with a balance of financial management of 12.18 billion euroswith a positive operating result of 2.06 billion, and with a net equity surplus that goes from 23.22 to 29.78 billion. The Financial Statement – INPS reports in a note – shows positive values lower than the 2022 financial year, but higher than both 2021 and the forecasts set for 2023.
“In 2023 – he reports Alessandro Tombolini, Central Director of Budgets at INPS – total revenues amounted to 536 billion, of which 269 billion in contribution revenues, marking a growth of 5.1% compared to 2022. On the other hand, there were 164 billion in current transfers from general taxation (with a growth of 3.3%). Total expenditures amounted to 524 billion, of which 398 were allocated to institutional benefits. The latter, therefore, grew by 4.6%”.
The cost of interventions supported by transfers from GIASi.e. from general taxation, increased by 7.4 billion, in particular due to the increase in expenditure in favour of recipients of the Universal Single Allowance, contribution relief and pension coverage.
Compared to the previous year, 2023 recorded a Increase in pension spending by 20,890 millionreaching a total of 304.14 billion, with a growth of 7.4% compared to the previous year, almost entirely deriving from the revaluation in the face of the inflationary surge recorded the previous year.
2023 instead saw a significant reduction in spending on income support, with a saving of 7.62 billion. In fact, we went from 26.03 billion to 18.4 billion, in particular due to the failure to extend the 150 and 200 euro bonuses (with a reduction in spending of 7.83 billion). At the same time, spending on unemployment benefits increased (+1.5 billion). Wage supplements and sickness benefits decreased.
The social inclusion expenses they are substantially unchanged (+ 0.3 billion) but with a decrease of 1.35 billion in the Citizen’s Income and Pension and an increase of 1.08 billion for civil disability benefits.
Expenditure to support the family is growing significantly, in particular with theSingle allowance, reached a value of 18.24 billion.
The financial statement highlights with particular emphasis the credits for contributions paid by employers and members which, at the end of 2023, amount to a total of 127.16 billion with an increase of 3.45 billion compared to the previous year. A large part of these credits are at risk of being uncollectable and, in the face of this eventuality, the Fund for the impairment of contribution credits has been fed, which amounts, in 2023, to 102.73 billion (+2.3 billion compared to 2022).
“The 2023 Financial Statement highlights an important result for the Institute and represents a further element that attests to the balance of the Italian public pension system – underlines Roberto Ghiselli, President of the CIV –. A situation that in the coming years will require us to deal with demographic and labor market transformations – Ghiselli continues – and it is important that policy actors choose a coherent strategy to deal with it, to guarantee a perspective of stability and sustainability of the system from an economic and social point of view, through policies to support the quality development of the productive fabric and employment, which can positively impact the main factors of stability of the social security system starting with the growth of wages and the resulting contribution revenue”.
For Pierangelo Albini, coordinator of the Economic Commission of the CIV “the rapid transformations of the labor market and the need to address the diverse needs of citizens also require the political decision-maker to reflect in-depth and coherently on the country’s social protection system and, consequently, on its financing in terms of tax and contribution collection. All this in a perspective that takes into account not only the issue of labor costs, and therefore the competitiveness of the production system, but above all – concludes Albini – the profiles of equity in the distribution of costs and benefits of the social protection system”.