LaborMin: Poland estimates cost of retirement age lowering at PLN 2.6-2.7 bln in first year

Poland estimates that lowering the retirement age back to 65 for men and 60 for women will cost PLN 2.6-2.7 bln in the first year of new law’s functioning, Labor Minister Elzbieta Rafalska told reporters.

“We estimate that in the first year of bill functioning, the related costs will amount to PLN 2.6-2.7 bln,” Rafalska said.

The bill is expected to enter into force towards the end of H1 2016 as broad consultations will be required beforehand, the minister also said.

Poland will roll back retirement age to 60 for women and 65 for men as of January 1, 2016 and sees a negative impact of PLN 30 bln for the state budget and PLN 40 bln for the broader public finance sector in 2016-2019, according to the presidential bill submitted to parliament on November 30.

pr/ maf/ mbn/

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