Pensions, hypothesis of 3 more months of work from 2029

From 2029 it may take 3 more months to go in pension which added to the 3 that will be added between 2027 and 2028 based on the periodic adjustment of the life expectancy they would bring the retirement age from work at 67 years and 6 months. The estimates contained in the tables of the Update Note (Report 26) of the ‘Medium-long term trends of the pension and social-healthcare system’ elaborated in December 2025 by State General Accounting Office they reopen on debate on pensions.

The last one budget law has sterilized the one-month increase in the retirement age already this year, which will start from 2027, while from 2028 another two months will be added, bringing the exit threshold to 67 years and 3 months.

Squeeze on early retirement and severance pay

At the same time, the maneuver also introduced a crackdown on some forms of early retirement: no renewal for Woman option e Quota 103more selective criteria for early workers and new rules on some categories of strenuous jobs. The target mechanism also changes TFR for new hires in companies with over 50 employees: it will automatically go to complementary funds unless otherwise indicated within 60 days.

Details on the 2029 adjustment

Now the text of the Update Note specifies that the adjustment is effective from January 1, 2029 – based on Istat demographic forecasts (base 2024) – the change in the average of life expectancy at 65 years of the two-year period 2026-2025 compared to the two-year period 2024-2023 provides the value of +3 months. But it clarifies that “the adjustments actually applied will be those ascertained by Istat in the final balance”.

Demographic context and sustainability

Italy is aging and looking for solutions for sustainability of his pension system. In 2024 – estimates the INPS – theaverage retirement age in Italy it increased to 64.8 years compared to the 64.2 recorded in 2023. In recent years there have been various regulatory interventions regarding pensions, advance payments and severance pay. The last one organic reform of the sector, however, dates back to Fornero lawdated 2011, one of the most characteristic measures of the technical government then led by Mario Monti.

Political debate and demographic winter

On the one hand there are the desires of political forceswith the majority parties, starting from Lega and FdI, asking for overcome the Fornero law. On the other side there is thedemographic winter which characterizes the country: an average age of 46.8 years and a quarter of the population over 65, among the highest seniority rates in the world. Italy scores a decline in newbornswith the birth rate declining to around 3.4 per thousand. “During 2026, if things continue to go well in public finances as they have done up to now, we will also try to reduce that extra month which would start from 2027”, explained the Minister of Economy at the end of December Giancarlo Giorgetti.

The demands of the unions

I unions they ask the government to intervene. The CISL, through its secretary Daniela Fumarola, proposes that “a comparison table which serves to address all issues concerning the social security system. I think of the need for one guarantee pension for young people and women”. Then the union leader adds: “I think of the need to imagine outgoing flexibility that can put workers, especially the most exposed, in a position to decide when to leave.” The CGIL urges the executive: “Apart from blocking the increase in the retirement age, the facts demonstrate exactly the opposite. THE’automatic adjustment life expectancy remains fully in force and continues to affect workers”. The confederal secretary of the CGIL Lara Ghiglione highlights that “from 2029 the increase will be as much as six months. An increase that will bring the requirement for the old age pension at 67 years and 6 months and that for the early retirement at 43 years and 4 months, one year less for women”.