MILAN – An Italian business lobby says that the 80 euro ($107) bonus that Premier Matteo Renzi delivered to low-wage workers hasn't boosted the economy as billed.
In a study released Tuesday Confcommercio calculated that consumption was boosted by just 0.1 percent in June, the first month the bonus was fully rolled out, compared to May.
Confcommercio said that was "too little in respect to expectations." The group's president, Carlo Sangalli, said the bonus was "burned by uncertainty and too many taxes."
Renzi enacted a payroll tax cut to give lower-wage earners a paycheck boost as part of measures to encourage spending and help nudge the economy to recovery.
He responded to the criticism saying it's all a matter of perspective and he believes "there are 11 million Italians who think differently."