Italy’s Parliament Lowers Country’s Retirement Age And Launches A Basic Income

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Low-income Italians will receive a basic income of about £700, roughly $890 USD.

The Italian government’s final 2019 budget was approved on Saturday, and included in the spending is a basic income for the country’s poorest citizens and a reduction in the retirement age, according to The Independent.

The budget, which overcame its final hurdle on Saturday in passing a vote in the Chamber of Deputies by 327 to 228, had prompted concern when it was first presented in October.

The European Commission baulked at the costly policies Italy looked to introduce despite having proportionally the second highest public debt in the Eurozone after Greece, taking the unprecedented step of asking Rome to redraft the plan.

After agreeing to a number of stipulations, the Italian government won approval of the budget.

The budget will still see the introduction of a basic payment of around €780 (£700) a month for those on low incomes, a policy for which the government has set aside somewhere in the region of €10bn (£9bn).

The retirement age will also be lowered from 67 to 62 for millions of people who have paid into the Italian pension system for at least 38 years.

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