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BONUS

Reinfeldt calls for end to banks’ bonus culture

Swedish Prime Minister Fredrik Reinfeldt took aim at bonuses common at large banks when he opened the Swedish parliament on Tuesday, saying big bonuses "must come to an end".

His comments came 10 days before a meeting of the Group of 20 top developed and developing countries in Pittsburgh to discuss new ways to regulate the global financial system.

“The bonus culture that has emerged must come to an end. We have a unique opportunity to make progress on this issue when world leaders meet in Pittsburgh,” Reinfeldt told the Swedish parliament, the Riksdag.

“More stringent rules are needed to restrict over-generous bonuses and compensation systems,” he added.

The Swedish government said in March that it would ban all bonuses in all public companies and called on the private sector to follow its example.

On September 5th, G20 finance ministers agreed at a meeting in London that the bonus system should be transparent and should only reward long-term success.

They also said bonuses should be not handed out to bankers who performed badly and created losses.

France has been pressing for a cap on bonuses but that proposal has found little favour with Britain or the United States.

Reinfeldt, whose country currently holds the presidency of the European Union, said meanwhile there were “ever more signs now indicating that both the global and the Swedish economies are beginning to stabilize.

“We seem to have weathered the worst of the storms. The risks of a substantial economic downturn have abated,” he said.

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ECONOMY

Here’s how you can earn cashback on your Christmas shopping in Italy

The Italian government is offering shoppers refunds on purchases made by card this December, as part of its ongoing efforts to move Italy away from cash. Here's how you could qualify.

Here's how you can earn cashback on your Christmas shopping in Italy
Christmas shopping in Rome. Photo: Andreas Solaro/AFP

The cashback di Natale or 'Christmas cashback' scheme is the latest incentive in the government's 'Cashless Italy' strategy, aimed to encourage people to swap cash for card in order to make payments easier to trace and help authorities root out tax evasion.

READ ALSO: Italy tops the table for tax dodging in Europe – again

It comes alongside prizes for people who rack up the highest number of card payments, as well as a lotteria degli scontrini, or 'receipt lottery', which gives consumers and business owners the chance to win up to €5 million for making or taking electronic payments. 

While the government is planning to introduce a long-term cashback scheme from 2021, it's giving consumers a chance to start earning refunds on their Christmas shopping from this month.

Here's how it works. 

When does the scheme start?

You can start earning Christmas cashback from December 8th and continue until December 31st, and you can register for the reward scheme right away.

Who is eligible?

To be eligible you must be a resident in Italy, over 18, and registered using the government’s IO app for accessing public services. 

To register, you'll need either an electronic ID, known as a SPID, or a valid Italian ID card with a microchip and PIN (a carta d’Identità elettronica, or CIE).

READ ALSO: What is a SPID and how do you get one?

You'll also need a bank account and a credit, debit or PagoBancomat card, or the Satispay shopping app.

How do you claim your refund?

Before spending anything, register for the cashback scheme on the IO app, designate which card you want to use, and give the details of the bank account where you want to receive your refund.

Once you've made enough payments to qualify, the government will transfer your cashback to your account early next year.

What do you have to spend and how much do you get back?

Make ten payments on your designated card between December 8th-31st and you'll get 10 percent of the total amount back, up to a maximum of €150.

There's no minimum spend, so even paying for a coffee by card counts. Nor is there a maximum, though the refund is capped at €15 per transaction (in other words, payments over €150 won't earn you any extra).

READ ALSO: Could coronavirus push Italy to adopt card payments at last?


The Italian government is keen to encourage cash payments even for small expenses. Photo: Francois Lo Presti/AFP

Where do you have to spend?

The government says it will count payments not only in all shops and supermarkets but also in bars and restaurants, as well as to tradespeople and professionals – so paying your hairdresser, plumber, lawyer or architect by card also qualifies.

Shopping online won't count, however. Nor will paying business expenses, topping up your phone credit at an ATM, or making direct debits or other recurring payments.

Will the scheme continue after Christmas?

Yes – though the rewards won't be quite as good value. 

From January 1st, you'll have to make at least 50 card payments over six months to earn cashback, which will which remain capped at €150 total and €15 per single transaction. 

Therefore the most you'll be able to earn over the whole of 2021 is €300, for at least 100 transactions.

Find all the details on the government's Cashless Italy website.

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