In Italy whoever works officially is entitled (compelled) to save for his/her old age pension scheme. The employer has to pay every month a percentage of the employee's salary to one of the Institutes recognized by the Government. To this amount the employee adds his/her contribution which is much less than the employers share. All together 40 to 50% of the salary is spent on the pension scheme. When the retirement age is reached, the person receives a monthly “salary” called pension. The sum varies upon different factors:

• number of years one has worked officially
• the average salary of significant years
• everchanging laws and regulations
• the Institute to which the major part has been paid

Housewives can also apply for an individual pension scheme and pay a small amount every month, thus have an independent resource for their golden years.

This scheme is called “pensione”.