Business · Economy · 1 day ago
INPS posts €4.5 billion surplus in 2025 after €165 billion state transfers
Italy’s INPS, the public body that pays pensions and other benefits, reported a €4.5 billion surplus in 2025.
Its contribution income was €294.2 billion, while payments for pensions and other benefits came to about €425.6 billion.
The state transferred €165 billion to help cover the costs.
Some of that money funded welfare programs, including disability benefits and child support, rather than pensions.
But contributions also fell short of the amount needed for all pension payments, and some pension schemes ran deficits.
The lower state transfer than in 2024 does not show a lasting improvement: a change in how tax relief was delivered raised recorded contribution income and reduced transfers.
The figures highlight the role of public funding in supporting INPS payments, but do not give a separate overall measure of the pension system’s deficit.
INPS reported a €4.5 billion surplus in 2025, while its net assets rose to €42.8 billion.
The Italian state transferred €165 billion to INPS during the year.
INPS received €294.2 billion in contribution revenue and paid about €425.6 billion in institutional benefits.
The state transfers funded both welfare programs and pension-related shortfalls, so they do not represent only a pension-system deficit.
Transfers fell from €180.7 billion in 2024, largely because a tax-benefit change reduced the need for state compensation.
- Who
- Italy’s National Social Security Institute (INPS) and the Italian state.
- What
- INPS reported a €4.5 billion surplus after receiving €165 billion in state transfers.
- When
- In 2025.
- Where
- Italy.
- Why
- State transfers covered welfare spending and pension-related costs that contribution revenue did not cover.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
State transfers to INPS were €159.6 billion.
State transfers to INPS were €164.8 billion.
State transfers to INPS rose to €180.7 billion.
INPS recorded a €4.5 billion surplus and received €165 billion in state transfers.
- INPS surplus
- €4.5 billion in 2025
- State transfers
- €165 billion in 2025
- Net assets
- €42.8 billion in 2025
- Contribution revenue
- €294.2 billion in 2025
- Institutional benefits
- About €425.6 billion in 2025
- State transfers in 2024
- €180.7 billion
Sources
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