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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
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    Citations

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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 Limited, 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 Discussion Papers and Notes 62726, The World Bank.

    More about this item

    Keywords

    Severance pay; retirement saving; pension schemes;
    All these keywords.

    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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