Abstract

After two decades of substantial pension retrenchment and the harsh austerity measures of the period 2009-11, the 2019 Di Maio-Salvini reform (decreto legge 4/2019) represents the third expansionary intervention in the field of pensions since 2016. It follows the new policy path, already inaugurated by the 2016 Poletti-Renzi reform, which combines the relaxation of eligibility requirements for (early) retirement with measures aimed at tackling the traditionally uneven distribution of Italian pensions by supporting low-income pensioners. Against such backdrop, the articles assesses the potential and the limits of the two main novelties of the reform - «Quota 100» and the «Citizenship Pension» (Pensione di cittadinanza) - by focusing on two key dimensions: economic sustainability and equity. It argues that, especially in light of comparatively high pension expenditure and low economic growth prospects, the general relaxation of eligibility conditions for retirement may not be the most effective strategy to combine economic-financial sustainability with equity issues, which in fact requires more careful consideration of both life expectancy differentials and the gender dimension.