From July 1st the silent consent period starts for 60 days: pay attention to new hires
The 2026 Budget Law rewrites the rules on severance pay. From 1 July, all new hires in the private sector – excluding domestic workers – have 60 days to communicate where they want to allocate their severance pay. If they do not express their opinion within that window, silent consent is triggered: the TFR automatically flows into the collective pension fund provided for by the applied contract.
It is a radical change compared to the past, when the silence lasted six months and the default option was to keep the severance pay in the company. Now the logic is reversed: doing nothing means joining the bottom, not staying out of it.
Those already hired have until December 31, 2026
The new rules apply to employment relationships started from 1 July onwards. Those who are already in force and have never expressed a preference have a different deadline: 31 December 2026. In the absence of explicit communication, from 1 January 2027 the accruing severance pay of these workers will also be allocated to the collective pension fund.
Warning: the choice to join the fund – whether actively or silently – is irrevocable. It will no longer be possible to return to the company destination. Those who choose to keep the severance pay in the company can change their mind in the future, but not vice versa.
With automatic membership also comes the employer’s contribution
A detail that is worth knowing: when you join the pension fund – even silently – not only the accruing TFR flows into it. The worker’s contribution and the employer’s contribution are also paid, in the amounts established by collective agreements. In practice, those who join automatically obtain an additional contribution from the company, without having to do anything else.
Is it better to have a pension fund or keep severance pay in the company?
For the majority of workers – especially young people and those with a medium-high income – the pension fund is more advantageous from a tax point of view. The final taxation ranges from 15% to 9% based on the years of membership, compared to the average IRPEF rate applied to company TFR, which is typically between 23% and 35%. Those who plan to use the severance pay in the short term – for example to purchase a first home – can evaluate the two options before deciding.
More generous tax deductions: the ceiling rises to 5,300 euros
The same Budget Law raised the annual tax deductibility limit of contributions paid to pension funds to 5,300 euros. A concrete advantage especially for those in the higher income brackets, where the deduction generates greater effective tax savings.
The threshold for the INPS Treasury Fund also changes
The regulations of the INPS Treasury Fund are also updated, the fund into which medium and large companies pay the severance pay of employees who do not participate in the supplementary pension scheme. The threshold, fixed at 50 employees until 2025, becomes progressive: obligation for companies with at least 60 employees in 2026–2027, then 50 again from 2028 to 2031, and finally 40 starting from 2032.
The portal is born: a tool to orient yourself without getting lost
To accompany these innovations, the Ministry of Labor has inaugurated a portal dedicated to supplementary pensions, created with the National Youth Council and Mefop. The site is structured in four sections: a guide to the functioning of funds and severance pay, a part dedicated to rights and tools for citizens (including an interactive simulator), a regulatory section with reasoned summaries of Italian and European laws, and a communication area with glossary and FAQ. The portal is available on www.lavoro.gov.it/previdenza-complementare.
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