Rome, 7 October 2026
- Presentation of two independent studies by Professors Cottarelli and Galli and by the Politecnico di Milano
- Every euro of welfare generates an economic impact up to four times greater than a cut in IRPEF personal income tax
- Without an extension of tax relief, up to 60% of companies could cut benefits for their employees
Rome, 7 October 2026 — Corporate welfare is a driver of growth for the country and an essential tool for supporting households' purchasing power, but the expiry of the current fringe-benefit exemption thresholds in December 2027 puts the system at risk. Making the measure permanent is sustainable for public finances and generates beneficial effects in the long term.
This is the argument at the heart of the event organised by Satispay in Rome, at Casina Valadier, where the findings of two independent studies commissioned by the company were presented: “The prospects for corporate welfare”, by Professors Carlo Cottarelli and Giampaolo Galli, respectively Director and Scientific Director of the Osservatorio Conti Pubblici Italiani at the Università Cattolica in Milan, and the White Paper “The role of corporate welfare and fringe benefits in the Italian labour market in 2026”, produced by the HR Innovation Observatory of the School of Management at the Politecnico di Milano.
Satispay is now one of Italy's leading corporate-welfare operators: three years after launch, the platform has 45,000 client companies and serves more than 430,000 workers. It is from this position, and with this responsibility, that Satispay has chosen to invest in independent research and place data at the centre of a public dialogue between policymakers, businesses and academia.
Alberto Dalmasso, CEO and Co-founder of Satispay: “Corporate welfare has taken on a structural role in the lives of Italian businesses and workers. For Satispay, supporting its development is not only a business opportunity but also a responsibility: in three years, the number of workers using our welfare has grown to more than 430,000, because companies have understood that welfare is not ancillary, but an essential tool for people's wellbeing. Yet uncertainty over tax-relief thresholds still limits its potential. The numbers are clear: making this measure permanent is a sustainable choice for the State, beneficial for companies and, above all, a major source of support for workers, even more so in a context where inflation holds back wage growth and squeezes purchasing power.”
What the numbers say
On the macroeconomic front, according to the research by Professors Cottarelli and Galli, corporate welfare produces an impact on GDP up to four times greater than an equivalent cut in IRPEF personal income tax, thanks to the measure's multiplier effect and its direct impact on demand. Whereas a 1% tax cut normally generates a GDP increase of just 0.11%, mainly translating into private savings, fringe benefits require the amount to actually be spent within a short period, with a direct effect on GDP and, in turn, on tax revenue for public administrations. Assuming additional corporate-welfare spending of €1 billion, and using the expenditure multipliers derived from the Bank of Italy's econometric model, GDP would grow by 800 million in the first year and by 1.25 billion in the third, with additional tax revenue of around 280 million in the first year and 480 million in the third. The actual net cost of making the measure permanent would initially stand at around €648 million a year, in line with the funding already allocated for the three-year period 2025–2027.
Prof. Carlo Cottarelli and Prof. Giampaolo Galli, Osservatorio Conti Pubblici Italiani: “Our analysis shows that the temporary nature of tax benefits is among the factors holding back companies' structural investment in corporate welfare. Making the current regime permanent could encourage more widespread adoption of the measure, with costs to the public purse remaining limited and in line with estimates in the early years. Compared with other support measures, making welfare permanent also offers a clear macroeconomic advantage: by directly encouraging household spending, it supports domestic demand and generates a positive impact on GDP up to four times greater than across-the-board tax reductions.”
From the perspective of businesses and workers, the Politecnico di Milano study portrays corporate welfare as already widely adopted. The research shows that 77% of companies with more than 10 employees already provide at least one form of benefit, but corporate welfare is structurally exposed to regulatory uncertainty. Some 22% of employers identify this uncertainty as the main obstacle to introducing or expanding fringe benefits. The consequences of failing to extend the measure would be immediate: 20% of the companies surveyed openly state that they would cut their welfare budget to the new exemption threshold, only 16% would maintain the current amount, accepting that it would become subject to tax and social security contributions for the employee, while 40% cannot say how they would respond.
Workers would bear the cost: 53% use fringe benefits to buy basic necessities, and 93% of the resources allocated to purchase vouchers are actually spent, compared with 64–67% for more restricted forms of flexible benefits (culture, leisure and education). Without fringe benefits, 48% of personal-care purchases and 26% of purchases for culture, entertainment and home furnishings would simply not be made.
Martina Mauri, Director of the HR Innovation Observatory, Politecnico di Milano: "Fringe benefits are currently the welfare tool with the highest usage rate and a direct impact on workers' real purchasing power. Our data clearly show that regulatory uncertainty is not a theoretical problem: it translates into concrete choices by companies, which refrain from investing in welfare when they cannot plan over multi-year horizons. Making the thresholds permanent means unlocking potential that is still largely untapped."
The dialogue with policymakers and businesses
The studies' findings opened a direct dialogue between businesses and institutions. Members of Parliament contributed to the political and institutional panel, alongside representatives of the business community.
Walter Rizzetto MP, Chair of the Public and Private Employment Committee, Chamber of Deputies: “Fringe benefits provide important income support for workers and their families and, at the same time, allow businesses to increase their competitiveness. They are a tool capable of generating positive effects for the entire economic system, encouraging consumption and growth. This is why the Government has secured funding for the measure over a longer period, thus providing greater certainty for next year too. The objective must be to progressively consolidate this tool, recognising that a stable and predictable incentive system adds value to work and to business productivity.”
Senator Paola Mancini, member of the Social Affairs, Health, Public and Private Employment and Social Security Committee “I have worked in human resources for a long time and know that welfare policies can only be built on lasting rules. Corporate welfare is subsidiarity in practice: a company taking care of its workers and their families, and a State supporting it without taking its place. Under this Government, fringe-benefit thresholds have risen to €1,000 and to 2,000 for those with children, until 2027: they must now be made permanent and simpler for small businesses too, always in addition to salary.”
Senator Elena Murelli, member of the Social Affairs, Health, Public and Private Employment and Social Security Committee: “Corporate welfare should not be considered a cost, but a tool that can help support workers' income, families and, at the same time, business competitiveness. The data presented today are particularly significant: 53% of workers use fringe benefits for basic necessities, and regulatory uncertainty is already holding back companies' investment. This is why I believe it is important to consider making the current exemption thresholds permanent, moving beyond repeated extensions and offering businesses and workers a reliable framework they can plan around. The research presented also highlights how corporate welfare can have positive effects on domestic demand and the economy. As legislators, we must therefore work to strengthen tools that tangibly increase purchasing power, promote workers' wellbeing and enable companies to plan welfare policies over the medium to long term. Making this system more stable means investing in work, families and the country's growth.”
Satispay
On the market since 2015, Satispay is the Italian super-app and proprietary payment network that makes managing money and financial services simple and accessible. With a constantly growing community of 6.5 million people and a network of 450,000 participating merchants, the platform enables users to pay by smartphone (in-store and online), transfer money free of charge and access numerous value-added services: the Cashback Points loyalty programme, Buy Now Pay Later to split everyday spending into 3 interest-free instalments, mobile top-ups, payment of slips, car and motorcycle road tax, PagoPA, gift cards, Donations and savings. After consolidating its B2C experience, the fintech extended its model to the B2B world. In September 2023, it entered corporate welfare with the innovative Satispay Meal Vouchers and Fringe Benefits, followed by the Satispay FlexBen platform, which simplifies the management of reimbursements and pension funds. In just over two years, Satispay has positioned itself among the sector's leading operators, with more than 45,000 client companies whose employees it offers next-generation welfare tools distinguished by simplicity and speed of use, together with one of Italy's broadest acceptance networks (more than 400,000 participating merchants). Satispay has also expanded its savings and investment offering with the Invested Money Box and Investments section, where users can invest in Satispay mutual funds and, more recently, buy and sell stocks and ETFs directly in the app, making investment accessible even to those taking their first steps in the markets. With the launch of debit cards in partnership with Mastercard, allowing users to pay with Satispay worldwide, the company is taking a further step towards banking, with the goal of offering all the features of an account in a single app.
Satispay Press Contacts:
Tiziana De Icco – PR Lead Satispay
E-mail: tiziana.deicco@satispay.com – T. +39 348 350 6005
Simona Vecchies - Angèlia Comunicazione
E-mail: satispay@angelia.it - T. +39 335 1245190