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Italy Drops Pension Overhaul Plan

Italy has called off a plan to delay the retirement age for some workers.

Italy has called off a plan to delay the retirement age for some workers, The Wall Street Journal reports. The pension revamp would have generated €1 billion in savings from 2014, a shortfall the government will now look to cover by tightening its crackdown on tax evasion.

The terminated plan had proposed that Italians not be allowed to include their college years and military service in the 40 years of work needed to be eligible for retirement. Cancellation of the proposal will leave Italy will a gap in its €45.5 billion budget-cutting package.

Click here for the story from The Wall Street Journal.

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