Ten years ago, pensions at the Vatican were not at risk. Or, at least, that's what the experts were saying, even looking into the future.
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.
A decade later, the situation appears to be critical. This is how it seems based on the letter sent by the Pope to the cardinals and high officials of the curia:
The current system is not capable of guaranteeing in the medium term the fulfillment of the obligation to pay pensions for future generations.
Pope Francis pointed out that urgent structural measures are needed. Hence, his decision to appoint Cardinal Kevin Farrell as sole administrator of the Pension Fund.
These provisions are part of the Pope's goal to bring the Vatican to 'zero deficit'. In September, he already sent a letter to the cardinals in which he told them that costs had to be reduced.
These words materialized when, in October, the Secretariat for the Economy announced a salary adjustment for cardinals: 500 euros less per month in salary.
A new measure in addition to those already promoted by Pope Francis in the past: he reduced their payroll by 10% in 2021 and removed the discount on the rent of Vatican-owned houses.
TR: JD
