30 years of work are enough to secure one pension of an adequate amount? Every worker with a minimum of awareness should worry about how much pension will he get?since there is a real risk that the calculated check will be very lower compared to the last salary received.
The “fault” is of the new rules for calculating the allowance fixed with the introduction of the contributory regime regulated by the Dini law. In reality it is not a real novelty since it has been used since 1996: however, the more years pass, the more possibilities there are that the whole check be calculated with the above rules.
What are the “new” rules for calculating pensions
Let’s proceed in order. Before the approval of the Dini law, the pension was calculated with the retributive regime, with which greater weight is given to the last wages received. After that, with the introduction of a mechanism that differently considers all contributions paid during your career, a deadline has been set: on January 1, 1996. For the periods worked before this date, therefore, the salary applies, for the subsequent ones the contributory one.
However, at the same time they were excluded from this news the workers who on the date of December 31, 1995 they had already matured 18 years of contributions. In fact, for them, the salary calculation was authorized also for the periods after January 1, 1996, at least until the approval of the Fornero law that put an end to this benefit.
Today, therefore, the pension is calculated like this
- mixed regime: remunerative for periods accrued before 31 December 1995, contributory for subsequent periods;
- mixed facilitated regime (for those who had 18 years of contributions on 31 December 1995): remunerative for the periods accrued before 31 December 2011, contributory for subsequent periods;
- pure contributory: for those who started working after 1996.
The more the years pass, therefore, the greater the share of people who fall into the last category, until there is total transition to pure contributory. But how does this “new” system affect the amount of the pension? Unfortunately usually in a way negativesince the contributory is more penalizing compared to the salary.
To understand the reasons, let’s analyze how it works, and then get an idea of what is due, for example, after 30 years of work.
How to calculate your pension with the new rules
Understanding how the contribution system works is very simple: the contribution must be calculated per period worked portion of contributions paid to INPS or to the fund to which they belong (in the case of freelancers) taking into account the relevant rate established by the relevant management. For example, in the case of employed workers it is equal to 33% of the gross salary, while for members of the Separate Management it is usually 35% (but it can vary based on various factors).
The contributions paid are periodically revalued based on the cost of living, and in doing so they accumulate in the so-called contributory amountwhich in turn becomes a pension through the application of the transformation coefficient.
As anticipated, these are even more advantageous for those who delay access to retirement. In detail, the rates used for the two-year period 2023-2024 are as follows:
| Age | Coefficient 2023-2024 |
|---|---|
| 57 | 4,270% |
| 58 | 4,378% |
| 59 | 4,493% |
| 60 | 4,615% |
| 61 | 4,744% |
| 62 | 4,882% |
| 63 | 5,028% |
| 64 | 5,184% |
| 65 | 5,352% |
| 66 | 5,531% |
| 67 | 5,723% |
| 68 | 5,931% |
| 69 | 6,154% |
| 70 | 6,395% |
| 71 | 6,655% |
How much pension is due after 30 years of work?
There is therefore no equal amount for everyone after 30 years of work, as there are various factors that affect it. However, we can make a example to better understand how the new rules work which are applied to a growing number of people over the years.
For example, let’s consider Tizio who for the first 5 years of work had to settle for very low salaries, on average 1,000 euros per month. He therefore paid 4,290 euros in contributions every year, 21.450 overall.
After that his career started to give him the first satisfactions, receiving in the following 10 years an average salary of 2,000 euros per month, thus adding 85.800 euro to the contribution amount.
A growing career which for the next 15 years led him to earn a salary of 2,500 euros, with 10,725 euros in contributions per year, 160.875 euro in total.
Adding the various periods, we arrive at a total of 268.125 euro of contributions. Let’s assume that with the revaluation we arrive at a contribution amount of 280.000 euro: how much pension is due? To find out you have to take the transformation coefficient expected for retirement age: Tizio goes there at 67 years of age with the old age pension, with a rate therefore of 5,723%: applied to the contribution amount returns a pension of approximately 16,000 a yearso about 1,230 euros per month. A significant difference compared to the last salary received, with the pensioner who would therefore be forced to review his expenses or take on a new job to supplement his income.
In fact, the last ones were not enough 15 years of work with average salary of 2.500 euro to ensure him a higher pension, with the first years of work being decisive for the final result. This would not have been the case, however, with the “old” rules for calculating the pension: with the retributive method, in fact, only the first years of work were taken into consideration last years of workthus ensuring a transformation rate (the difference between the last salary received and the pension) better than that usually foreseen with the contribution calculation (52% in the case described by the example).
