INPS Message 2325/2026 treats TFR amounts accrued during the first 60 days of employment as arrears and specifies the code, deadline and consequences for late reportingINPS Message 2325/2026 treats TFR amounts accrued during the first 60 days of employment as arrears and specifies the code, deadline and consequences for late reportingINPS has resolved the first contribution issue arising from the introduction of automatic enrollment in pension funds for newly hired private-sector employees. 2325 of July 10, 2026, the Central Revenue Directorate explains to employers how to manage the severance pay amounts accrued during the sixty days in which a first-time employee may still choose where to allocate their TFR. In summary: TFR amounts accrued between the hiring date and the employee’s decision are treated as arrears for contribution purposes (INPS Message No. 2325 of July 10, 2026); the adjustment is made using reason code CF05 in the Uniemens filing, introduced by INPS Circular No. The most significant signals emerging so far point to competitive pressure and demand.

For companies, the issue is not only volume growth: the quality of revenue, the resilience of the customer portfolio and the sustainability of the net margin in the next quarter also matter. In the short term, the decisive lever remains commercial execution: entry timing, channels and market selection could determine the difference between expansion and margin compression.2325 of July 10, 2026); the adjustment is made using reason code CF05 in the Uniemens filing, introduced by INPS Circular No. 12 of February 5, 2026; the deadline for payment without civil penalties, interest or additional charges expires in the month following completion of the employee’s decision; after that deadline, code CF02 and code CF11 for the surcharge apply; the rules concern first-time employees hired after June 30, 2026, excluding domestic workers (Article 252/2005, as amended by Art. TFR amounts for the 60 days treated as arrears The sums set aside between the hiring date and the employee’s decision are treated as arrears for contribution allocation purposes.

The reason is that, during that window, the allocation of the TFR has not yet been determined: the amounts may be transferred to supplementary pension provision or, if the employee opts for the arrangement under Article 2120 of the Italian Civil Code, to the INPS Treasury Fund when the size requirements are met. The message states that these amounts “effectively take on the nature of arrears in terms of their contribution allocation.”For companies, the issue is not only volume growth: the quality of revenue, the resilience of the customer portfolio and the sustainability of the net margin in the next quarter also matter. The most significant signals emerging so far point to competitive pressure and demand.

In the short term, the decisive lever remains commercial execution: entry timing, channels and market selection could determine the difference between expansion and margin compression.