Italy Concedes To Full Blown Austerity: To Raise Retirement Age From 65 To 67 By 2026

Tyler Durden's picture

Don't anyone say Italy is not willing to tackle austerity with the determination of a rabid dog: retirement age to be raised by 2 years in 15 years, and an epic €5 billion to be raised from privatizations.

From Reuters:

Italy promised European Union partners on Wednesday a package of reform steps to boost growth and control its public debt, including labour and pensions reforms and additional revenues from property divestments.

In a letter sent to an EU summit in Brussels , the government said it would put forward a firm plan of action to boost growth by Nov. 15.

It promised measures to cut red tape and modernise state administration to improve conditions for business.

It also said the minimum age for old age pensions would be raised in gradual steps to 67 years for both men and women by 2026.

The letter also promised to raise 5 billion euros a year from divestments and improved returns from state property.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
pragmatic hobo's picture

on the bright side ... 67 is new 57 ...

French Frog's picture

"an epic €5 billion "
epic indeed lol

AldousHuxley's picture

this is only for public workers with guaranteed job security.

majority of private workers will be forced to retire by 55 and will be LUCKY if they get to retire at 67.

Pladizow's picture

How many of the Italian politicians that vote for this will be alive, let alone in office in 2026?

taraxias's picture

The important thing is that Berlusconi's mistress will be almost 29 by then.

Oh regional Indian's picture

Thing I'm wondering Ahmee, is this. How will these guys engineer another Aisan Shock like 1997.

That has to be the ace up their sleeve. Only that it will cannibalize their last growth markets. Very interesting dilemma. 

But if this Diwali (Festival) season is anything to go buy(!!!), the sentiment is very very muted. Don't know if the BRICS have the backbone to bail out whitey again.


An Audio Visual Journey

trav7777's picture

guess that all-out planet and star induced crash last week didn't come huh?

Maybe think about STFUing

Miss Expectations's picture

Sources close to Berlusconi have stated privately that the retirement age of mistresses and private dancers will, in fact, be going down.

Manthong's picture

Oh, the humanity!

Heartless bastards.

arkady's picture

That is, in fact, not the only thing expected to be going down - and often.

DosZap's picture


I am lost on this statement, what do you mean forced to retire at 55,and lucky to retire by 67?

majority of private workers will be forced to retire by 55 and will be LUCKY if they get to retire at 67.

AldousHuxley's picture

forced retirement = layoff  because you are too expensive; aka. age discrimination; even at executive levels. they give you the "early retirement" buyout offer.


lucky few who do get to retire = actually I don't know of anyone.

I've never actually seen anyone older than 60 at a publically traded corporation. and these are folks with pensions.

The younger generation X will be working at McDonald's despite 30 year corporate executive experience. Just look at JAPAN.


Most Japanese companies require that employees retire upon reaching a specified age. During most of the postwar period, that age was 55. Because government social security payments normally begin at age 60, workers are forced to find reemployment to fill the gap





The Big Ching-aso's picture

Hey!   You donna lika how we adoo austerity here thena fungoo ayooz tooz!

thetruth's picture

you have to laugh...or else you would cry

The Big Ching-aso's picture

Effective by 2026 is beyond epic.     It's plum more Salvador Dali surreal than he could even paint.

Uncle Sam's picture

Here's the key point:

"The letter also promised to raise 5 billion euros a year from divestments and improved returns from state property."

What are they going to sell? Who makes the decision? This whole crisis is about carving up sovereign states for the transnational uber-wealthy, answerable to no one. Eventually they will own everything of REAL VALUE and the rest will be left to rot, like unharvested lettuce. They will live behind iron gates with private militias, in countries with no extradition treaties.

The single government NWO is only the final stage of a long plan. After there's nothing left to acquire, they let it all collapse and retire with their bloodline. The ultimate financial/sociological parasite class.

Bob's picture

Bingo on the privatization (what did we call it when the Russian "oligarchs" did it?).

iDealMeat's picture

And 57 is the new 47..  Just ask the Duchess of Spain.


Euro is domed..

oddjob's picture

Her face is a cross between a dead poodle and a raisin.

The Big Ching-aso's picture

Nothing wrong with dead poodles for a change of pace.

MonsterBox's picture

She probably knows stuff....

AldousHuxley's picture

67 is the magic number world goverenment has agreed upon.

coming to USA near social security/medicare/retirement until 67.

Meanwhile, you will be let go as VP of whatever that was just outsourced at age 50.


Workers better go get one of those rare government jobs with pension or start buying McDonald's franchise.

mjk0259's picture

I'm hoping for 52. I wish they'd stop putting those locking tops on the dumpsters at the supermarket. That was a big part of my retirement plan.

AldousHuxley's picture

rent a truck, steal the dumpster. That iron core must be worth a lot.

hedgeless_horseman's picture

Stick some fennel in that sausage and pass me the Barbera.

Smiley's picture


I don't know whether to laugh, cry, or vomit.

Threeggg's picture

All I can say is "WOW"

Best looking Cameleon I ever..................."wait" maybe not.

walküre's picture

They kept it all in the same family - for centuries.

Chop, chop time. We have too much of these vermin crawling around. They consume 100s of times the amount of resources and space that any common human being would utilize.

My plans for austerity start at the top. Chop, chop and become lean and mean.

Taterboy's picture

The honeymoon= If he dies, he dies.

YesWeKahn's picture

The average longevity is about 66.5.

Mugatu's picture

No, its very smart.  Every eligible voter will be dead by the time the retirement age increases.

Irish66's picture

did it help the US debt?  and yes I'll be dead

orangedrinkandchips's picture

well, THAT SOLUTION was sure easy...NEXT!!


joke anyone?


tarsubil's picture

No more jokes, please! One more of these out of Europe and it might kill me.

A Lunatic's picture

What's the difference between a Banker and an onion?



No one cries when you chop up a Banker.

SheepDog-One's picture

Yea we just went from 'Western world implosion dangling on the cliff edge' to 'What, us worry? Yea we're all bankrupt, but we've decided not to discuss that for a decade or so' all in a few hours! 

I am a Man I am Forty's picture

those are some hard core mother fuckers, relentless bastards

Silver Bully's picture

Indeed! NEVER underestimate the stubborness of an ostrich sticking its head in the ground. It will certainly not stick its neck out for you.

'No worries, this too shall pass . . .'

legal eagle's picture

Listen, as soon as I am out of office and retired, we will give you all the freakin austerity you want.

I am pretty sure that is how the public pension debacle was created.

The government will sell property?  How much for that flooded town with the opera singers?

Gief Gold Plox's picture

Stunning. Such commitment on their part; a beacon of light from Europe. 


redpill's picture

In a gesture of solidarity, Berlusconi has also agreed to lower the average age of his mistresses by 2 years.

s2man's picture

The youth are underemployed

The Big Ching-aso's picture

I think even in certain parts of Italy 11 years old is considered child molestation.    But I'm not sure.   Better ask a priest.

machineh's picture

 'it would put forward a firm plan of action to boost growth by Nov. 15'

The plan to have a plan is definitively announced!

All rise and bow!