 |
Elsa ForneroItalian economist and statesman
Date of Birth: 07.05.1948
Country:  Italy |
Content:
- Elsa Fornero: Italian Economist and Politician
- Academic and Professional Career
- Political Career
- Pension and Labor Market Reform
- Controversies and Criticisms
- Retirement Age and Provisions
Elsa Fornero: Italian Economist and Politician
Early Life and EducationElsa Fornero was born in San Carlo Canavese, Italy, on May 7, 1948. She holds a full professorship in Political Economy at the University of Turin, where she specializes in macroeconomics, savings economy, social security, and pension funds.
Academic and Professional Career
Fornero has held numerous academic appointments, including Scientific Coordinator of the Center for Research on Pension and Social Security Policies at the Collegio Carlo Alberto at the University of Turin and Honorary Member of the Board of Trustees of the Collegio Carlo Alberto. She is also a Doctor of Social Security Policy from the Maastricht University School of Governance.
She has served on the boards of various European institutions and contributes regularly to the Italian daily business newspaper Il Sole 24 Ore. She was Vice President of Intesa Sanpaolo Bank (2010-2011), Vice President of Compagnia di Sanpaolo (2008-2010), and a member of the Scientific Committee of Confindustria (2005-2006).
Political Career
Fornero was elected to the Turin municipal council in 1993 and served until 1998. From November 16, 2011, to April 28, 2013, she served as Minister of Labour and Social Policy with Powers for Equal Opportunities in the Monti government.
Pension and Labor Market Reform
During her tenure as Minister, Fornero implemented significant pension and labor market reforms aimed at promoting youth employment and supporting older workers. The reforms were enacted through Law 92 of June 28, 2012, which took effect on July 18, 2012.
Controversies and Criticisms
Some of the innovations introduced by the reforms, particularly those that aimed to facilitate dismissal procedures, faced significant public backlash. A provision that introduced a 0.5% payroll tax to fund the National Social Security Institute (INPS) was also met with criticism due to its delayed implementation and the imposition of a late payment penalty.
Fornero acknowledged the need for improvements to Law 92 and advocated for a more equitable system that addressed hidden privileges in pensions. However, she maintained that repealing the reform would be detrimental to the country's future.
Retirement Age and Provisions
The pension reform gradually increased the retirement age in line with increasing life expectancy in Italy. By 2013, men were eligible for old-age pensions at age 62 with 42 years and 5 months of contributions, while women were eligible at age 61 with 41 years and 5 months of contributions. Those under 62 faced a 1% reduction in pension for each year below 62 and a 2% reduction for each year below 60.
Fornero married economist Mario Deaglio and had a daughter, Silvia Deaglio, in 1974. In 2012, Silvia faced criticism for her appointment as a genetics teacher at her parents' university and as head of a foundation funded by Sanpaolo Bank, where Elsa Fornero was Vice President.
