We use cookies to make sure our website better meets your expectations.
You can adjust your web browser's settings to stop accepting cookies. For further information, read our cookie policy.
SEARCH
IN Warsaw
Exchange Rates
Warsaw Stock Exchange - Indices
The Warsaw Voice » Society » August 5, 2014
You have to be logged in to use the ReadSpeaker utility and listen to a text. It's free-of-charge. Just log in to the site or register if you are not registered user yet.
Nearly 1.7m pension savers opt to remain with private pension funds
August 5, 2014   
Article's tools:
Print

As many as 1,690,153 Poles had submitted petitions to continue to transfer a portion of their pension premium to private pension funds OFE under the reformed system as of the state of play on August 1, state social insurance board ZUS said in a statement.

Poles had to end-July to opt into the existing system by which a fraction of social security premiums are transferred to privately managed pension funds. Poland made the system optional, requiring registration for those who wished to remain in the system.

A portion of the social security premium of younger workers has been transferred to their private pension fund accounts since 1999, when the social security system was partially privatized.Through July ZUS will continue to transfer 2.8% of gross wages transferred to date. Further on the transfers will increase to 2.92% for those who decide to stay in the system.

The nearly 1.7 million requests by working Poles to retain their premium flows to the partially privatized segment of the pension system virtually guarantees that no politician would risk trying to abolish the system entirely, economist Ryszard Petru said of results to the opt-in period to the system, calling the 1.7 million figure "a success of the capital market."

The sum came despite a default opt-out formula and an advertising ban.
© The Warsaw Voice 2010-2013
E-mail Marketing Powered by SARE