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Inps returns negative year-end results

Future of state pensions agency uncertain

04 February, 16:43
Inps returns negative year-end results (ANSA) - Rome, February 4 - Italy's social security agency Inps on Tuesday reported a negative financial result of 14.4 billion euros for 2013 amid uncertainty over its future management.

The negative result translated into net assets of nearly 7.5 billion euros.

Inps also forecast a further loss of nearly 12 billion euros in 2014, leading to negative assets of over 4.5 billion euros.

The negative figures came as speculation mounted over the future running of the state pension and welfare fund following the resignation of President Antonio Mastrapasqua on February 1.

The government is due to put the agency under compulsory administration pending the appointment of a new head to oversee social-security provisions for the majority of Italy's public- and private-sector employees and self-employed workers. One of the names being touted for the role of commissioner is ex-labour minister Tiziano Treu.

Mastrapasqua resigned on Saturday after Rome prosecutors announced that they were investigating the private Israelitic Hospital, where he is also director general, for alleged billing irregularities and some 40 million euros in pension back payments owed to Inps for its employees.

His resignation came as the government presented legislation to prevent public-sector managers holding multiple positions potentially involving conflicts of interest.

The bill represents "a radical change that will prevent double-office holding," said Labour Minister Enrico Giovannini on Tuesday. "Conflicts of interest will no longer be acceptable.

However, the rules do not just concern Inps but the entire public administration," he said. The government is also expected to make changes to the way Inps is governed.