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The Warsaw Voice » Society » September 18, 2017
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Five-pillar pension system
September 18, 2017   
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The Polish government will consider introducing a universal minimum pension of gross PLN 1000 as the first pillar of a new five-pillar pension system proposed by the social insurance board ZUS, the daily Gazeta Wyborcza reports.
The system has been outlined in a green paper drafted on request of PM Beata Szydlo. The second pillar in the proposal is a premium-defined pension, with premiums reduced from today's 20% of gross wage to 5-10%. The third pillar are employer-sponsored pension plans for workers, the fourth - voluntary pension funds (IKE, IKZE and OFE transformed into investment funds) and the fifth - strong family ties and other individual savings forms.
Experts fear reducing premiums will threaten payouts of current pensions. They also warn against basing the system so strongly on employee plans and voluntary funds.
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