Italy to pay 2.2b euros to pensioners in August
[ROME] Italy will pay 2.2 billion euros (US$2.51 billion) to retirees to respect a constitutional court ruling that overturned part of a landmark 2012 reform that cut pension spending, Italian Prime Minister Matteo Renzi on Monday.
Mr Renzi's Cabinet passed a decree to make the one-off payment in August to 3.7 million pensioners, the prime minister told reporters. The majority of the funding is already set aside in this year's budget, Mr Renzi said.
Last month's court ruling has posed a major headache for the government, which has struggled to keep public finances within the limits of European Union budget rules.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea readies new system to detect illegal short-selling
US births retreat after pandemic-era growth
Markets are embracing India's Modi for what he won’t do
Blinken to meet businesses in Shanghai as he kicks off a tough China trip
Indonesia’s central bank surprises with ‘pre-emptive’ rate hike to cushion falling rupiah
South Korea’s economic growth beats forecast as exports rise