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Poland’s Employee Capital Plan doing well despite market realities

The Employee Capital Plan (PPK), a saving system aimed at improving the financial security of Poles, is flourishing despite the pandemic-hit economy, according to a Polish newspaper on Tuesday.

The funds are long-term retirement saving programmes for employees, and are co-funded by the employees themselves, employers and the state.

According to Polish Development Fund (PFR), the average Pole who enrolled in the employee plan in December 2019, and, to now, has contributed PLN 1,590 (EUR 346) to the fund, now has PLN 3,462 (EUR 754) in their account, which was over 117 percent more than they paid, wrote the Dziennik Gazeta Prawna (DGP).

The newspaper described the overall results of the funds as “very respectable” when the current “market realities” are taken into consideration.

PFR reported that the Employee Capital Plan, after one-and-a-half years of operation, held assets that totalled PLN 3.44 billion (EUR 748.9 million). Of this amount, PLN 1.78 billion (EUR 387 million) came from employee contributions, while the remaining contributions were from employers and subsidies from the budget.

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