On 26 October the Polish upper house of Parliament (Senate) passed the bill introducing employer-sponsored pension plans (PPK) without amendments.
Under the new system, employers would contribute at least 1.5 percent of employees’ gross wages to individual retirement savings accounts every month. Employees would in most cases be required to contribute no less than 2 percent of their gross monthly wages, and the government would make a supplementary contribution of PLN 240 every year, in addition to a one-off welcome payment of PLN 250. PPK will encompass up to 11.5 mln employees.
The bill is to enter into force in January 2019 with a six-month vacatio legis, then roll-out implementation across the corporate sector.
The bill will be passed on to the President for signature.
