The 2026 Budget Law (art. 1, para. 203, Law No. 199/2025) provides that, for all companies with an average workforce of 60 employees or more, the TFR of workers who have not opted for allocation to a pension fund will no longer remain within the company, but will instead be accrued with the Treasury Fund managed by INPS. As from 2032, the obligation to accrue with that fund will be extended to companies with an average workforce of not less than 40 employees.
We recall that the obligation to pay TFR into the Treasury Fund established with INPS had been limited, from 2007 and until the introduction of this new provision, to companies with a workforce equal to or exceeding 50 employees:
- as at 31/12/2026, or
- at the end of the first year of activity.
Consequently, the provision, in addition to diverting liquidity away from companies to the benefit of INPS, also remedies a distortion inherent in the original structure of the Treasury Fund as initially regulated under art. 1, para. 756, Law No. 296/2006, which excluded from its scope even large companies lacking the requirement of 50 employees as at 31.12.2006 or at the end of the first year of activity.
We remain available for any further clarification.