Even in 2024 it will be possible to retire with Quota 103. In the text of the budget law stamped by the State Accountancy Office, the article called Quota 104, which was put in the attic under the pressure of the Union, is no longer visible, but the rule, which provides the opportunity to leave work at the age of 62 and 41 years of contribution has been paid, will expire at the end of the year. Last-minute second thoughts aside (pretty sensational at this point), future retirees can now get an idea of the requirements to collect a Social Security check starting in 2024.
Quota 103, 3 innovations foreseen by the budget law
It must be said right away that some of the changes compared to the current Quota 103 are not insignificant. Firstly, in the pre-retirement years and therefore until the important age of 67, which the old-age pension provides for, the allowance cannot be more than four times the INPS minimum payment (i.e. approximately 2,270 euros). The maximum limit on the allowance exists even today, but it is equal to five times the minimum payment. The government has now decided to lower this threshold.
The second change, probably the most important, concerns the calculation of retirement benefits. Those who choose to benefit from the 103rd Quota will receive a full contribution, as in the option for women. Therefore, the amount of the pension will no longer be calculated using the (more generous) salary method for years worked up to 31 December 1995 and with contributions from that date onwards, but will be based solely and exclusively on the contributions paid.
And we come to the third innovation regarding exit windows, the period from the moment the requirements are met until the time of retirement. Even in this case, there is no good news for future retirees. In fact, the periods are longer, ranging from three to seven months for the private sector and six to nine months for public employees. While you’re basically eligible to retire, you’ll have to wait a few months longer to receive the benefit than you would today.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
