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Poland to continue employer-sponsored pension plans

The Polish government on Tuesday adopted a plan to implement voluntary employer-sponsored pension programs as a new option for citizens to save for retirement.

Prime Minister Mateusz Morawiecki told a news conference after a Cabinet meeting that the new Employee Capital Pension System (PPK) would be another social assistance programme launched by his conservative government to ensure the financial security of families.

Under the new system, employers would contribute 1.5 percent of employees’ gross wages to individual retirement savings accounts every month.

Employees would be required to contribute from 0.5 percent to 2 percent of their gross monthly wages depending on their earnings, and the government would make a supplementary one-off contribution of PLN 240 every year.

The new system would take effect in stages beginning next year and be fully up and running nationwide by January 1, 2021.

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