Even the Vatican, in crisis for pensions! - According to Pope Francis, the state fund may require structural changes
Pope Francis recently signaled that the Vatican's pension fund is facing a "serious imbalance" that could require changes to its operating structure and appointed a senior cardinal to take over the fund's administration.
In an unusual letter sent to all the world's cardinals and heads of various Vatican offices, the pope did not define the scope of the case.
He said the changes would involve "making difficult decisions that will require special sensitivity, generosity and willingness to sacrifice on the part of everyone".
The pope has expressed unusual concern about the Vatican budget several times in recent months. In October, he ordered the third cut in three years to the pay packages of the cardinals who run the Vatican. He also urged them to pursue a "zero deficit" agenda.
The Vatican has not released budget data for several years, but it is known to be facing a severe budget deficit.
The Vatican estimated in 2022 that the pension fund's net liability for post-employment benefits reached about 631 million euros ($664 million).
The seat of the Catholic Church consists of two entities: the internationally recognized sovereign entity of the Holy See and the Vatican, a 108-hectare city-state within Rome.
They maintain separate budgets, and Vatican City revenues, including from the renowned Vatican Museums, have often been used to cover the Holy See's deficit, which according to Italian media was about 83 million euros ($87 million) last year. passed.
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