IVASS – Fact-finding survey on the results of the expanded pension sector management

On June 13th, the hearing of the IVASS representatives took place at the “Parliamentary Oversight Committee on the activities of the managing bodies of compulsory social security and welfare schemes” as part of a fact-finding survey on the balance and results of the management of the expanded pension sector, with particular regard to demographic transition, the evolution of the professional world, and trends in supplementary welfare.

During the hearing, IVASS’ director Riccardo Cesari spoke, highlighting various critical points of the welfare system in Italy, which according to him are (i) the aging population, (ii) the decline in birth rates, (iii) the deceleration of GDP, and (iv) the increase in the unemployment rate.

Additionally, of particular importance is the issue of Long Term Care (LTC) services, which according to IVASS, are unsatisfactory since not all LTC demand is met and the quality of services is not optimal. In this regard, Mr Cesari proposes a solution that could be universalistic and economically efficient, consisting of a collaboration system between the State, Insurance Companies and the third sector, based on the mutualistic approach of contributions to cover the LTC needs of the entire population.