On 19 December 2016, Poland’s President promulgated a law that lowers the legal retirement age to 65 for men and 60 for women down from 67 for both. The new thresholds will apply from 01 October 2017. Whilst confident of having fulfilled one of its election promises the governing party is nonetheless aware of the risks to pension system’s finances and is stressing that the legal minimum age thresholds are entirely voluntary. The government is looking at a new reform to finance the lower threshold.
The Development Minister intend to spearhead a publicity campaign encouraging citizens to work longer whenever possible. The government is also looking for stricter binding means of bringing financial balance back to the deficit ridden Social Insurance Fund (FUS), which from 2019 will be laboring under an annual 60 billion zloty deficit (approximately €15 billion) that will have to be absorbed by the State. In 2017 the State is expected to subsidize the pensions system to the tune of 46.7...
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