The Vatican's supreme authority on economic affairs, the Council for the Economy, cleared up any doubts about the soundness of the Pension Fund for workers of the Holy See and the Vatican City State.
JOSEPH ZAHRA
Vice-Coordinator, Council for the Economy
'The Council recognized and acknowledged that the pensions, which are being paid today to all the employees of the Holy See, as well as the Governatorato, as well as all the pensioners, and also for the next generation are safe.â?
Italian press had speculated about the existence of a 'black holeâ? in the pension fund, worth an estimated 800 million euros. The Vatican referenced the uncertainty surrounding pension funds in many Western countries, due to the economic crisis. But, it dispelled any cause for concern.
However, to avoid headaches and to guarantee the system's solvency in the future, the Council created a technical committee to analyze the state of the Pension Fund, and adapt it to the new economic-administrative structure of the Holy See.
The Council for the Economy established the committee on Saturday, during their second meeting at the Vatican. Msgr. Brian Ferme, the Council's prelate secretary, will lead the group, which also includes four lay experts.
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