Personal Requirement Access to Ordinary Old Age Retirement — Employees Private Sector 2012-2018

Registration requirement for ' access to ordinary retirement (minimum contribution requirement 20 years) private sector employees 2012-2018 (from 2019 the personal requirements are estimated, by way of example up to 2050, on the basis of the Istat-central base demographic scenario 2011). In any case, a minimum contribution requirement of 20 years is provided and, in addition, for newly recruited workers from 1° January 1996 for which the pension è fully calculated with the contribution system a minimum amount of pension, equal to approximately EUR 644 per month in 2012 (1.5 times the social allowance in 2012), revalued on the basis of the trend of GDP. However, the personal requirements will be adjusted on the basis of increased life expectancy even after 2050. In any case, the actual requirements will be determined at each adjustment on the basis of the increase in the life expectancy determined by Istat.