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The Warsaw Voice » Law » June 16, 2005
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New pensions and disability benefits law could hamper euro accession
June 16, 2005   
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The new bill on pensions and disability benefits, accepted by a parliamentary commission, will cause additional budgetary spending and could hamper euro-zone entry plans, Social Policy deputy minister Agnieszka Ch³on-Dominczak said.

According to rough estimates, the costs of clauses accepted by the committee would hit PLN 1 bln in 2007, PLN 4 bln in 2008, and then the spending would grow by PLN 1 bln annually, from PLN 6 bln in 2009 to PLN 8 bln in 2011, Ch³on-Dominczak said.

"These are additional budget costs as Social Security Fund (FUS) does not have such funds," deputy social policy minister said.

Such an increase in budget spending would prevent Poland from meeting Maastricht criteria of budget deficit/GDP ratio below 3%.

"Poland for sure would not meet convergence criteria [in case of passing the bill]," Chlon Dominczak said.

According to Polish convergence program, Poland is to join ERMII in 2007 and to enter euro zone in 2009.
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