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Recently, there has been significant discussion surrounding a proposed law concerning the allocation of the Severance Pay (TFR) to pension funds.
This legislative initiative is currently under formulation, with no official confirmations yet, only speculations.
Among the most discussed possibilities is a potential requirement for newly hired employees to allocate approximately 25% of their TFR to a pension fund.
Meanwhile, for existing employees, there are discussions about introducing a “tacit consent” approach for the TFR they have already accrued.
This measure is part of the strategies the government is evaluating to tackle the looming crisis of the public pension system, a situation anticipated to worsen in the upcoming years.
The aging population and insufficient resources supporting pensions make urgent the need for sustainable alternatives to ensure the economic security of future retirees.
The discussions around this potential reform have become increasingly intense, centering on the benefits for workers: such as tax deductions, the ability to apply for an Advanced Temporary Integrative Annuity (RITA) allowing for early retirement, and potential superior adjustment of TFR, not to mention mandatory contributions from employers.
However, while the matter is typically approached from the standpoint of worker protection, there are also positive implications for companies, which could gain from enhanced financial planning and personnel management.
Firstly, it’s essential to emphasize that, at present, the final choice regarding the allocation of the Severance Pay (TFR) lies solely with the worker.
Many entrepreneurs prefer to manage TFR internally, treating it as a form of self-financing beneficial for the company.
Although business owners might initially express some reservations, the advantages for companies in transferring workers’ TFR to a pension fund are clear.
By directing TFR to a pension fund, companies can take advantage of significant contribution incentives.
Specifically, they can avoid payments to the INPS Guarantee Fund (ranging from 0.20% to 0.40% of the gross annual salary) and other improper charges (0.28%), resulting in concrete economic savings and alleviating the contribution burden.
In addition to contribution benefits, transferring TFR to a pension fund brings considerable tax advantages.
The amounts directed to the fund are deductible from the taxable income, often exceeding the actual contributions made.
This mechanism allows companies to benefit from a more generous tax deduction, further reducing their fiscal burden.
Specifically: Companies with fewer than 50 employees can deduct 106% of the amounts allocated to the pension fund; those with 50 or more employees can benefit from a 104% deduction.
The most striking advantage for companies transferring TFR to a pension fund is the release from the obligation to annually revalue accrued sums as stipulated by current regulations.
The TFR revaluation is based on:
This revaluation can incur significant costs, particularly during periods of high inflation, as seen in recent years.
By choosing to transfer TFR to a pension fund, companies are relieved of this burden, with the fund managing the capital increase according to specific criteria.
In conclusion, opting to transfer employees’ TFR to a pension fund proves to be a winning strategy for companies.
Along with significant economic advantages from contribution incentives, this option greatly simplifies administrative management.
Eliminating the need to calculate and periodically settle TFR reduces bureaucratic burdens and minimizes the risk of errors.
Furthermore, pension funds provide consultancy and support services to employees, relieving companies of additional responsibilities.
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