Retiring at 62 to mean 21% pension drop

(ANSA) - Rome, October 17 - With a salary of 40,000 euros per year and a retributive pension until 2011 and then a contributive one, retiring at age 62 with 38 years of contributions will mean getting about 30,000 euros per year.
    If this option is chosen instead of at 67 as provided for starting in 2019 for old-age pensions - with contributions paid - this will mean a loss of 500 euros, or 21% compared with if the retirees had worked an extra 5 years. The calculation was by Italian social security agency INPS chief Tito Boeri, who that those who leave work five years early will receive - with a pension of 30,000 euros per year - about 150,000 euros in five years and will not pay contributions.