Income Dynamics. Recent Imbalances in the Italian Industry

Stefano Bellomo, Giuseppe Croce, Giulio Di Gravio, Riccardo Gallo and Mauro Gatti

L'industria, 2025, issue 1, 129-159

Abstract: This article shows on the basis of Mediobanca data that, due to inflation, the turnover and added value of medium and large Italian industry grew by one third in 2023 compared to before the pandemic, but the share of income going to work fell by 12 percentage points while that remunerating capital increased by 14 points. Moreover, 80 per cent of the profits were distributed at the expense of new investments. Eurostat confirms that between 2019 and 2023 the share going to work in Italy decreased due to insufficient wage growth. Before the renewal of the CCNLs (which are already seriously delayed), political institutions should support a series of changes to broaden the target group and create new skills for workers. Companies should enhance their human capital by reviewing wages and salaries and promoting projects for both organisational innovation (high performance work practices) and worker participation in the success of economic management. There should be an orderly intervention in trade union representativeness and collective bargaining, as well as an efficient system of active labour policies. New technologies, digital transformation, AI and hyper automation should be pervasive in the entire industrial structure.

Keywords: Labour; Capital; Organisation; Innovation; Collective Bargaining (search for similar items in EconPapers)
Date: 2025
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