The pension formula was also made less generous with a reduction of the average accrual rate. Subsequent changes were approved in 2011 and 2012, including an increase in the statutory retirement ages from 65 to 67 for a full pension, a cut in monthly pensions greater than i,000 euros by 5-15 per cent (depending on income) and a reduction of bonuses previously paid to public sector employees (US-SSA 2011, 2012b, 2012C, OECD 2013). Italy accelerated the transition from defined benefit to NDC pensions.