main points in italy\s austerity budget
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Main points in Italy\'s austerity budget

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Arab Today, arab today Main points in Italy\'s austerity budget

Rome - Afp

The Italian parliament is about to adopt a four-year austerity budget worth nearly 48 billion euros ($68 billion) that includes measures to cut tax breaks, pensions and healthcare costs. The measures are aimed at slashing Italy\'s budget deficit to 0.2 percent of output by 2014 from 4.6 percent last year and reducing a debt mountain equivalent to 120 percent of GDP -- among the highest in the world. A calculation made by Italian daily Corriere della Sera found that the austerity measures could cost each household 1,000 euros over two years and Italy\'s main trade union, CGIL, has already said it is opposed. Here are some of the main provisions in the austerity plan: -- A wide-ranging cut in tax breaks and exemptions worth 20 billion euros and an increase in taxes on savings accounts, bonuses and stock options. -- A continued freeze on public sector salaries and hiring that was first imposed last year as well as slashes to subsidies for local governments. -- New charges for general health check-up and specialist consultations in Italy\'s public healthcare system. -- A tax on top-tier pensions, implementation from 2013 instead of 2015 of a reform linking the minimum pension age to life expectancy. -- A limit on the use of high-powered cars by politicians and curbs on the use of official jets by ministers in response to public anger over perks. -- The outlining of a privatisation plan in 2013 that would give incentives for local administrations to sell off their stakes in public utilities.

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