Without wishing to be disrespectful, INPS annual reports are rather like the pig, that noble and generous animal of which nothing is wasted—and not merely for culinary reasons. Those cultures that regard it as unclean do not know what they are missing.

The 25th Annual Report has just been presented, and we have already discussed it in this column. Unlike during Pasquale Tridico’s tenure, when the reports went so far as to outline possible legislative measures, the administration led by Gabriele Fava does not intend to overstep the boundaries separating a social security institution from politics and government. This is sound practice, although it risks keeping INPS out of the pension debate that will begin in a few weeks ahead of the budget session.

We know very well what awaits us when the budget package is discussed. On pensions, the debate will resume where it ended last year, with conflict not only between the governing majority and the opposition but also within the majority itself. At the heart of the dispute is a crucial rule: the automatic adjustment every two years of retirement requirements in line with increases in life expectancy.

The provision is likely to face a bipartisan challenge, both over its future application and over the measures already approved for 2027 and 2028 through a compromise that cost approximately €1 billion in lower revenue. Indeed, political fire is likely to focus on these measures—which spread a three-month increase in retirement requirements over time—precisely because elections are due in 2027.

That, however, is the situation policymakers must work with. The report sets out a balanced line of reasoning that could also provide useful guidance.