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Credit Fund

Publication: 09/03/2022

Governed by the Inter-ministerial decree No. 83486 of 28 July 2014, published in the Official Gazette No. 247 of 23 October 2014, the Credit Fund is an INPS scheme. It is not a legal entity and enjoys financial and asset autonomy.

The Fund aims to intervene against workers in crisis situations, restructuring, corporate reorganisation, reduction or transformation of activities or work, in order to favour the change and renewal of professionalism and implement active policies of income and employment support (INPS circular No. 213 of 1 December 2016).

The Fund provides for the following ordinary payments: funding of training programmes for professional conversion and/or retraining, including with the support of national and European funds; income support benefits for workers affected by reduced working hours or temporary suspension of employment (ordinary allowances),  including intergenerational solidarity benefits (INPS circular No. 84 of 28 giugno 2018), for the reasons provided for by the legislation on ordinary and extraordinary wage subsidies, also in conjunction with the support instruments provided for by the legislation, in addition to the payment of the relevant contribution for the causes envisaged by the legislation on ordinary and extraordinary income support.

Instead, emergency measures are: emergency allowance in favour of redundant workers who do not meet the requirements for accessing extraordinary benefits as per Article 5, paragraph 1, letter b), supplementing the unemployment benefit pursuant to Italian legislative decree No. 22 of 4 March 2015; financing, for the workers stated above and at their claim, of support programmes for professional outplacement, decreased by any co-operation from the appropriate national or European Union funds (outplacement).

Benefits are granted to all workers, including managers, dependent workers of companies in the Credit sector who already were included, regardless of the number of workers employed, in the field of application of the pre-existing Solidarity Fund pursuant to inter-ministerial decree No. 158 of 28 April 2000.

Start date and duration

Access to the services is subject to the completion of the contractual procedures that modify working conditions of personnel involved or determine the decrease of employment levels provided for by the legislation. The above procedures must be concluded with a company or group agreement. In the case of processes to reduce employment levels, all benefits provided can be accessed.

The fundable training programme cannot be longer than 12 months.

The ordinary allowance can be granted for a period of no less than 13 weeks in a two-year rolling period and not exceeding, depending on the reason invoked, the maximum durations envisaged by the causes identified for the ordinary and extraordinary Wage Compensation Fund.

The emergency allowance has a maximum duration of 24 months and is subject to the persistence of involuntary unemployment.

The support programme for professional outplacement (outplacement) must have a maximum duration of 12 months.

What am I entitled to?

For training programs, the contribution is equal to the relevant gross remuneration due to the workers concerned for hours not worked and destined for the implementation of training programmes, reduced by any funding granted by the specific national or European Union funds.

For ordinary allowances, the benefit amount is set at 60% of the taxable payment for social security purposes that would have been due to the worker for hours not worked. The above amount is re-evaluated every year with the methods and criteria in place for the Wage Compensation Fund for industry. The allowance is reduced due to the possible concomitance of income support instruments provided for by the legislation in force on the Wage Compensation Fund for industry.

For 2020 the maximum payable amount of the service is equal to:

  •  €1.186,29 for salaries lower than €2,173.37;
  •  €1.367,35 for salaries between €2.184,24 and €3.452,74;
  •  €1.727,41 for amounts exceeding €3.452,74.

If the amount of the ordinary allowance calculated in this way is lower than the Wage Compensation Fund, the benefit most favourable to the worker is applied.

The emergency allowance for 2020 is for the following measures:

  • 80% of the last monthly gross remuneration due to the worker, with the decrease, where applicable, of an amount equal to 5,84% which remains available to the Fund (the ceiling is equal to an amount of Euro 2.443,35 gross monthly for annual table salaries lower than Euro 41.829,33);
  • 70% of the last monthly gross remuneration due to the worker (the maximum is equal to an amount of Euro 2.752,41 gross per month for table salaries from Euro 41.829,33 to Euro 55.037,77);
  • 60% of the last monthly gross remuneration due to the worker (the maximum is equal to an amount of Euro 3.852,34 gross per month for annual table salaries beyond Euro 55.037,77);

The amounts stated above are re-evaluated every year with the methods and criteria in place for the Wage Compensation Fund for industry.

The Fund operates in accordance with the balanced budget principle and cannot make payments if it has no financial resources. Payments borne by the Fund are granted following the creation of specific financial reserves and within the limits of the resources already acquired.

For ordinary benefits (training and ordinary allowances) the following are due to the Fund: ordinary monthly contribution of 0.20% (of which 0.30% borne by the employer and 0.15% by dependent workers), which is calculated on the taxable remuneration for social security purposes of all dependent workers with permanent contracts, including managers. Possible variations of the measure are distributed between employer and worker according to the same distribution criteria; the additional contribution of 1.5% (to be paid by the employer in the event of making use of the benefits of the ordinary allowance), calculated on salaries taxable for social security purposes and applied to salaries lost by dependent workers who receive benefits.

Following the adoption by the Management Committee of the resolution to grant the emergency or outplacement allowance, the employer is required to pay an emergency contribution equal to half of the financing approved by the Fund.

Once the financing has been approved by the Fund Management Committee, the regionally competent INPS office issues the relevant payment authorisation, deemed necessary for payment of the economic benefit to the workers in question.

For the disclosure of data deemed necessary for the recovery of the amounts advanced in the balance payment, employers must follow the instructions provided with INPS circular No. 1 of 3 January 2020.

The emergency allowance is paid directly to beneficiary workers from the INPS offices which for the same worker looks after the unemployment claims. The payment of the allowance occurs through the same procedure for managing unemployment claims.

Concerning outplacement, the company tasked with carrying out support programmes for professional outplacement invoices the entire cost of the service to the claiming company, which pays the entire fee. Following an authorisation, the company recovers the amount charged to the Fund net of the emergency contribution, through the system of adjustment of contributions due by the companies themselves for their dependent workers.

The relevant contribution, for both types of allowances, both ordinary and emergency, is calculated on the basis of the taxable payment for social security purposes and is useful for obtaining the right to a pension (including early retirement) as well as for calculating its size. The calculation is based on the financing rate in force in the relevant compulsory insurance scheme.


To access ordinary benefits, workers must meet certain requirements. For training programmes it is necessary to be an addressee, in the context of processes that change working conditions of staff, of an agreement concerning training programmes for reconversion or professional re-classification. For ordinary allowances it is necessary for workers to be affected by the decrease in working hours or suspension of work due to the reasons provided for by the legislation on ordinary or extraordinary wage supplementation.

The granting of the ordinary allowance is subject to the condition that the recipient worker, during the period of decrease or suspension of work, does not carry out any type of work activities in favour of third parties, with the exception of ancillary work services referred to in Articles 48 and following, Italian Legislative Decree No. 81 of 15 June 2015. The reference to the provisions in force is deemed valid pursuant to INPS circular No. 130 of 4 October 2010.

Redundant workers who do not meet the requirements for accessing ordinary benefits can access a supplementary income support allowance in respect of the NASpI unemployment benefit. At their claim, support programmes for professional outplacement (outplacement) can be financed reduced by the possible co-operation of the appropriate national and European Union funds.

The same rules in force on the requirements, the suspension, the forfeiture and the effective date of the NASpI benefit apply to the emergency allowance.

How can I claim?

The claim for accessing ordinary benefits must be submitted electronically by the company (INPS circular No. 122 of 17 June 2015 and INPS circular No. 201 of 16 December 2015). It will be taken into consideration by the Fund Management Committee, which decides on the granting of benefits, according to the chronological order in which the claims are submitted and the Fund's assets, as well as on the basis of the priorities expressed by the Management Committee itself.

The claim for access to the emergency benefit must be submitted exclusively electronically following the instructions given by INPS circular No. 203 of 18 December 2015.

The claim for access to the outplacement service, on the other hand, must be presented exclusively via PEC (certified mail address) to the INPS office where the contribution centralisation exists or, alternatively, to that of the company headquarters. The claim must refer exclusively to support programmes for professional relocation already carried out.

The Fund Management Committee decides in a single resolution on appeals relating to contributions and benefits. If the execution of the decisions adopted by the Committee highlights illegitimate profiles, the decision can be suspended by the INPS General Manager. The suspension provision, with the indication of the rule that is deemed violated, is adopted within five days and submitted to the INPS President who, within the next three months, establishes whether to approve the decision or cancel it. After the above deadline, the decision becomes enforceable.