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Spending review chief suggests cutting top pensions

Cottarelli proposes changes affecting only 15% of allowances

12 March, 15:42
Spending review chief suggests cutting top pensions (ANSA) - Rome, March 12 - Trimming spending on pensions "which are a very high" expenditure could free up billions of euros for other purposes including job creation, Spending Review Commissioner Carlo Cottarelli said Wednesday.

He suggested that only about 15% of pensions would be affected through "a temporary contribution for pensions above a certain threshold, to allow the recruitment of new people". Speaking to the Senate budget committee, he also suggested that actual savings from the review could total about three billion euros this year, "if you do the right things and if there is an effort".

Savings could rise to as much as 18 billion euros in 2015 and 34 billion for 2016, he said.

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