Italy’s average retirement age climbed to 64.8 years in 2024, up from 64.2 years recorded in 2023, according to the National Social Security Institute (INPS) in its Annual Report. INPS management attributed the increase primarily to stricter rules on early retirement, particularly the introduction of a contributory-based calculation for those retiring under the ‘Quota 103’ scheme (requiring 62 years of age and 41 years of contributions), and partly to incentives encouraging workers to stay employed longer. The average age for standard old-age pensions reached 67.2 years, while early retirees exited at an average age of 61.6 years.
A significant gender disparity in pension payments persists. In 2024, male pensioners received an average monthly pension of €2,142.60, 34% higher than the average €1,594.82 received by female pensioners. As of December 31, 2024, Italy had approximately 16.3 million pensioners: 7.9 million men and 8.4 million women. Despite women constituting 51% of pensioners, they received only 44% of total pension income (€161 billion compared to €204 billion for men). The average gross monthly pension income overall rose by 4.4% compared to 2023, with total gross pension expenditure reaching €364 billion.
The report also highlighted a concerning trend in wages. Contractual salaries grew by 8.3% between 2019 and 2024, but significantly lagged behind the 17.4% increase in consumer prices over the same period. This resulted in a loss of over nine percentage points in purchasing power. INPS noted, however, that net wages fared slightly better due to government interventions on taxes and social contributions. Indexing the average 2019 wage level to 100, the nominal wage level reached 108.3 in 2024.
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