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An Empirical Assessment of the Italian Severance Payment

Carolina Fugazza () and Federica Teppa

No 38, CeRP Working Papers from Center for Research on Pensions and Welfare Policies, Turin (Italy)

Abstract: 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
Date: 2005-02
New Economics Papers: this item is included in nep-acc
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Persistent link: https://EconPapers.repec.org/RePEc:crp:wpaper:38

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