The National Institute for Social Security (INPS) operates Italy's pension system, which is a contributory, pay-as-you-go system that covers retired workers, handicapped workers, and survivors. Employees contribute approximately 9-10% of their total wage, while employers contribute approximately 30-35%, depending on industry and company size. The contributions are used to fund a variety of benefits, including retirement pensions, disability payments, and family allowances. Furthermore, Italy provides the Trattamento di Fine Rapporto (TFR), a severance pay plan in which businesses set aside a portion of an employee's income each year to be paid out upon termination or retirement. The system......See More