ITALY - The government is eyeing the creation of a "super welfare entity" by merging state pension body INPS with three sector pension institutes and insurance body INAIL in a bid to recoup around €3bn.
Labour minister Cesare Damiano was said to be opposed to this bid, favouring “softer” options.
Damiano would rather merge INPS and Inpdap – the body governing social security of civil servants – which was said to be the most dampened of the possibilities available.
Another option would see the creation of two large entities – one for pensions and another for insurance.
Although the possible mergers are being discussed, the move could not be guaranteed, given the reluctance by trade unions to approach the issue.
Pier Paolo Baretta, secretary general, CISL, Italian Confederation of Workers’ Trade Unions, had claimed merging social security bodies would do nothing but "breed inefficiency".
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Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.