pcloudyn.png
Monday November 28th, 2022 7:06AM

Italian premier presents economic measures on energy, family

By The Associated Press
Related Articles
  Contact Editor

ROME (AP) — Italian Premier Giorgia Meloni presented the government’s first economic policy initiatives Tuesday, announcing 21 billion euros in budget tweaks that would be used to help industry and families cope with soaring energy prices, as well as measures to incentivize couples to have more children and businesses to hire more women.

The budget modifications show a clear political shift, doing away with a basic income and a decade-old pension reform that Meloni and her right-wing allies have long attacked while coming up with new measures to promote Italy’s perennially low birth rate.

Most of the money was earmarked to maintain campaign promises to offer further help to families and businesses coping with a surge in energy costs, and was on top of more than 60 billion euros already pledged by the previous government of Mario Draghi.

Meloni said the “courageous" and clearly political choices focused on two main priorities: helping Italian industry grow despite the energy crisis sparked by Russia's invasion of Ukraine, and socio-economic initiatives for low-income families.

The bulk of the adjustment went to tax credits and other measures to help businesses keep producing while also incentivizing them to hire women and young workers. Italy has one of the lowest rates of women in the workplace in the OECD.

Other measures also signaled a shift from previous governments, including a phase-out by the end of next year of the so-called “citizens’ wage,” the crowning achievement of the 5-Star Movement, which was in power from 2018-2021. Meloni had vowed to abolish the expanded welfare program altogether during the campaign, arguing that it encouraged people to stay on welfare when they could work and was abused by fraudsters.

The changes announced Tuesday would knock eligible workers out of the system after eight months or after they refuse a job offer, and requires recipients to actually live in Italy.

Meloni also outlined a series of initiatives to address Italy’s low birthrate. The country has one of the world’s lowest birthrates and one of its oldest populations, a “demographic winter” that experts have warned about for decades given the implications for the country’s costly pension system.

To encourage families to have more children, Meloni announced a 50% increase in the “baby bonus” checks parents receive the first year after the birth of a child and a 50% increase for three years for families with more than three children. Women who choose to extend maternity leave beyond five months for an extra month can do so on 80% of their salary rather than 30%. Meloni, Italy’s first woman premier, also announced a reduced tax on feminine hygiene products and items for newborns.

“We continue to look at today, not realizing we won’t have a tomorrow,” Meloni said of the declining birthrate.

Infrastructure Minister Matteo Salvini also announced changes to the pension system, saying people who continue working after 41 years of contributing into the pension system would receive a 10% bonus. He also announced that the government had taken the first steps to reactivate a decades-long, on-again-off-again project to build a bridge between Sicily and the Italian mainland and intended to seek EU funding for it.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities, AP Business - Personal Finance
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Bulgaria to let Russian oil refinery export despite EU ban
Bulgaria will allow a Black Sea refinery owned by a Russian oil company to keep operating and exporting oil products to the European Union until the end of 2024 despite warnings by Brussels that it is against the bloc’s sanctions
8:00AM ( 8 minutes ago )
King Charles III welcomes S. African leader for state visit
King Charles III has welcomed South African President Cyril Ramaphosa to London for the first state visit of his reign
7:51AM ( 16 minutes ago )
Top US diplomat criticizes FIFA armband threat at World Cup
America’s top diplomat has criticized a decision by FIFA to threaten players at the World Cup with yellow cards if they wear armbands supporting inclusion and diversity
7:49AM ( 18 minutes ago )
Associated Press (AP)
China anti-virus curbs spur fears of global economic impact
The Chinese government says more than 253,000 coronavirus cases have been found in the past three weeks and the daily average is rising
6:49AM ( 1 hour ago )
German extends energy subsidy plan for consumers, companies
Consumers and businesses in Germany will receive subsidies to soften the blow of higher gas and electricity prices starting in January, two months earlier than originally planned
6:48AM ( 1 hour ago )
OECD forecast: High rates, inflation to slow world growth
Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023
6:32AM ( 1 hour ago )
AP Business
Asian stocks mixed after Wall St slide, China virus fears
Asian stock markets are mixed after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown
12:38AM ( 7 hours ago )
EXPLAINER: Rail strike would have wide impact on US economy
American consumers and nearly every industry will be affected if freight trains grind to a halt next month
12:01AM ( 8 hours ago )
Australia ratifies free trade deals with India and Britain
Australia’s Parliament has passed bilateral free trade agreements with India and Britain, leaving those partner nations to bring the deals into force
11:40PM ( 8 hours ago )
AP Business - Economy
Interest rate anxiety hangs over Wall Street as week begins
Wall Street is following global stock markets lower to open a holiday-shortened week as anxiety over Federal Reserve plans for more interest rate hikes continues to weigh on investors
8:26AM ( 23 hours ago )
Global stocks down after Wall St weekly loss on rate fears
Global stock markets are lower after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation
4:48AM ( 1 day ago )
Red Cross: Afghans will struggle for their lives this winter
A senior official with the International Committee of the Red Cross says that Afghans will struggle for their lives as the country braces for its second winter under Taliban rule and faces plummeting humanitarian conditions
2:14AM ( 1 day ago )
AP Business - Financial Markets
Reality TV's Chrisleys get hefty sentences in fraud case
Reality TV stars Todd and Julie Chrisley have been sentenced to lengthy prison terms after being convicted earlier this year on charges including bank fraud and tax evasion
11:40PM ( 8 hours ago )
Reality TV's Chrisleys sentenced for bank fraud, tax evasion
Reality TV stars Todd and Julie Chrisley have been sentenced to lengthy prison terms after being convicted earlier this year on charges including bank fraud and tax evasion
9:36PM ( 10 hours ago )
Ukraine to civilians: Leave liberated areas before winter
Ukrainian authorities are evacuating civilians from liberated areas in the southern Kherson and Mykolaiv regions
4:12PM ( 15 hours ago )
AP Business - Industries
Shells hit near nuclear plant; Blackouts roll across Ukraine
Powerful explosions from shelling have hit Ukraine’s Zaporizhzhia region, the site of Europe’s largest nuclear power plant
3:56PM ( 1 day ago )
Qatar's World Cup opener shows its reemergence after boycott
Qatar has opened the Middle East’s first World Cup with its ruler sitting next to the leaders of two countries that only a year and a half earlier were part of a boycott trying to bring the energy-rich nation to its knees
2:09PM ( 1 day ago )
Renewed shelling threatens key Ukrainian nuclear plant
The International Atomic Energy Agency says renewed shelling has hit Ukraine’s Zaporizhzhia region, the site of Europe’s largest nuclear power plant
12:52PM ( 1 day ago )
AP Business - Utilities
Quote Box: Reaction to UN climate deal on historic fund
Many delegates at the U.N. climate summit in Egypt cheered as a deal was agreed upon that would create a fund for developing that have been hard hit by climate change
2:36AM ( 2 days ago )
Success or COP-out: How do this year's climate talks rate?
After two weeks of U.N. climate talks, negotiators agreed to one big decision, to create a fund to help developing countries suffering the impacts of climate change
1:37AM ( 2 days ago )
Quote Box: Reaction to UN climate meet deal on historic fund
Reaction as delegates at the United Nations climate summit in Egypt officially approved a deal on a fund for developing countries vulnerable to climate change made worse by polluting developed nations at a plenary session early Sunday
1:26AM ( 2 days ago )
AP Business - Personal Finance
Bulgaria to let Russian oil refinery export despite EU ban
Bulgaria will allow a Black Sea refinery owned by a Russian oil company to keep operating and exporting oil products to the European Union until the end of 2024 despite warnings by Brussels that it is against the bloc’s sanctions
8:00AM ( 8 minutes ago )
King Charles III welcomes S. African leader for state visit
King Charles III has welcomed South African President Cyril Ramaphosa to London for the first state visit of his reign
7:51AM ( 17 minutes ago )
Top US diplomat criticizes FIFA armband threat at World Cup
America’s top diplomat has criticized a decision by FIFA to threaten players at the World Cup with yellow cards if they wear armbands supporting inclusion and diversity
7:49AM ( 18 minutes ago )
Indonesian rescuers search through rubble of quake; 268 dead
Indonesian rescuers used jackhammers, circular saws and sometimes their bare hands to shift the rubble of flattened buildings as they searched for the dead and missing from an earthquake
7:40AM ( 27 minutes ago )
Kim's sister warns US of 'a more fatal security crisis'
The influential sister of North Korean leader Kim Jong Un has warned the United States that it would face “a more fatal security crisis” as Washington pushes for U.N. condemnation of the North’s recent intercontinental ballistic missile test
7:37AM ( 31 minutes ago )