5 February 2026
Personnel administration
Treasury Fund: new size thresholds and extended obligation from 2026
INPS
With the 2026 Budget Law, the legislature amended the rules governing the Treasury Fund, modifying the criteria for triggering the obligation to pay over accrued severance pay (TFR). In its circular, INPS provides the first operational guidance.
The main innovation concerns the abandonment of the exclusive reference to the workforce size in the first year of activity. From 1 January 2026, employers who reach the size threshold in subsequent years will also be subject to the payment obligation, taking as a parameter the annual average number of employees in service during the previous calendar year.
Upon initial application, for the two-year period 2026–2027, the obligation arises when an average of at least 60 employees is reached; from 2028 to 2031, the ordinary threshold of 50 employees applies; from 1 January 2032, the limit is reduced to 40 employees.
It remains the case that payment to the Fund concerns employees who have not allocated their TFR to supplementary pension schemes. The size requirement must be verified annually, with effects from the subsequent payroll period, and any subsequent workforce reductions do not affect an obligation already accrued.
The circular also provides instructions on calculating the monthly instalment, payment methods and the management of arrears, with specific guidance for newly established companies and corporate transactions.
