ITALY - Labour minister Cesare Damiano lay to rest rumours that the pension fund regulator (Covip) was due to be dismantled, saying it will continue to carry out its duties.
The idea of taking down this institution has been circulated but a concrete proposal for this to take place does not exist, said Damiano.
Covip must continue to carry out its duties in order to guarantee the lift off of the complementary pension sector.”
The notion that Covip's responsibilities were going to be reduced was spawned from a government call to simplify guarantee authorities. This was said to imply the entities' current duties would be severely scaled down.
Before Damiano's claim Covip will not be adversely affected, trade unions spoke out against any possible adjustments to the regulating authority.
Any modification to Covip's authority will come off as a reduction in the effort to support the introduction of complementary pensions, said Pierpaolo Baretta, secretary, Cisl - the Italian Confederation of Workers' Unions (Confederazione Italiana Sindacati dei Lavoratori.)
UIL - the Italian Work Union (Unione Italiana del Lavoro) also declared its opposition to Covip's duties being cut down.
We are on the cusp of the introduction of the new system. It is a delicate moment that needs transparency and institutions that guide the workers' investments, the union said.
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