INPS reports 4.5 billion euro surplus despite heavy reliance on state transfers

The Italian National Social Security Institute (INPS) reported a positive operating result of 4.5 billion euros for 2025, with net equity rising to 42.8 billion euros. However, the institute's financial stability relies heavily on state support.

In 2025, INPS collected 294.2 billion euros in contributions, while expenditures for institutional benefits—including pensions, income support, family, disability, and assistance—totaled approximately 425.6 billion euros. To cover this gap, the Italian State transferred 165 billion euros to the institute through the Management of Welfare Interventions and Support for Social Security Management (GIAS).

These state transfers account for more than one-third of INPS's current revenue. While the deficit is often associated with pensions, a significant portion of the state funding is directed toward non-pension welfare policies managed by INPS, such as civil disability benefits, which totaled 23.6 billion euros in 2025.