On 19th November President Andrzej Duda signed the act on Employee Capital Plans (PPK) – private pension programme.
The Finance Ministry- programme author – supposes that it will embrace about 8.5 million employees, for whom it will ensure an additional retirement pension. The PPK funds will be private.
Under the new system, employers will contribute at least 1.5 percent of employees’ gross wages to individual retirement savings accounts every month. Employees will in most cases be required to contribute no less than 2 percent of their gross monthly wages, and the government will make a supplementary contribution of PLN 240 every year, in addition to a one-off welcome payment of PLN 250.
On 26 October the Senate considered the act on PPK. Senators requested that the bill be adopted without amendments. The Sejm passed the Act on Employee Capital Plans on 4 October this year. 229 MPs voted in favour of the project, 197 were against and two abstained.
The PPK act is to come into force on 1st January 2019.
