There is good news for Italian pensioners living in Venezuela. Thanks to a firm commitment from the Ministry of Foreign Affairs and International Cooperation, the value of Venezuelan pensions paid to Italian nationals in Venezuela will be in euros from 1 January 2017. It will be at the DICOM flexible rate, which is more in line with real market values than the DIPRO fixed rate. The decision means approximately 3,600 Italians entitled to pensions in compliance with international agreements, will be paid a supplement by INPS (Italian Social Security Institution) from 1 January next year to compensate for sky-rocketing price increases in the South American country.
The provision, to alleviate the difficult situation of Italian pensioners in Venezuela, was proposed by Minister Paolo Gentiloni and supported by Deputy Minister Mario Giro and Undersecretary of State Vinenzo Amendola, and with the support of the Ministry's Directorate General for Italians abroad, and Migration Policies who worked in constant contact with the Italian embassy in Caracas. A word of thanks is addressed to the Ministries of Labour and Social Policies and Economy and Finance for accepting the proposal by the Ministry of Foreign Affairs.