An Empirical Assessment of the Italian Severance Payment
Carolina Fugazza () and
No 38, CeRP Working Papers from Center for Research on Pensions and Welfare Policies, Turin (Italy)
The Italian TFR ("Trattamento di fine Rapporto") is a statutory payment made by firms to staff on separation. Recent reforms of the national pension system are based on voluntary transfers of the TFR to a supplementary pension fund. The purpose of this paper is to provide a probabilistic distribution of how workers currently make use of their severance payment, on the basis of their demographic and occupational characteristics. We find that the TFR mainly acts both as a buffer stock and as an income source upon retirement.
Keywords: Severance pay; retirement saving; pension schemes (search for similar items in EconPapers)
JEL-codes: D91 (search for similar items in EconPapers)
Pages: 43 pages
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Persistent link: https://EconPapers.repec.org/RePEc:crp:wpaper:38
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