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An Empirical Assessment of the Italian Severance Payment

Author

Listed:
  • Carolina Fugazza

    () (Center for Research on Pensions and Welfare Policies, Turin)

  • Federica Teppa

    () (DCenter for Research on Pensions and Welfare Policies, Turin)

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.

Suggested Citation

  • Carolina Fugazza & Federica Teppa, 2005. "An Empirical Assessment of the Italian Severance Payment," CeRP Working Papers 38, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  • Handle: RePEc:crp:wpaper:38
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    File URL: http://www.cerp.carloalberto.org/wp-content/uploads/2008/12/wp_38.pdf?f6fa34
    File Function: First version, 2005
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    Cited by:

    1. Riccardo Calcagno & Roman Kraeussl & Chiara Monticone, 2011. "An analysis of the effects of the severance payment reform on credit to Italian SMEs," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(3), pages 243-261, August.
    2. Holzmann, Robert & Pouget, Yann & Vodopivec, Milan & Weber, Michael, 2011. "Severance pay programs around the world : history, rationale, status, and reforms," Social Protection and Labor Policy and Technical Notes 62726, The World Bank.

    More about this item

    Keywords

    Severance pay; retirement saving; pension schemes;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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