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Pension plans in Warsaw


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Poland has a modern and relatively efficient pension system. Pensions are entitled to individuals who reached retirement age. The retirement age in Poland is currently 60 years for women and 65 years for men.

The pension payout is dependant on the cash balance that a person accumulated throughout total employment period. Retirement insurance is diverted from the salary and make up for 19.52% of remuneration (equal employer and employee contribution of 9.76%).

The Polish pension system is composed of 3 pillars:

  • 1st pillar (obligatory) - a superannuation (12,22% of remuneration) is paid to ZUS (Zaklad Ubezpieczen Spolecznych), a state owned, national insurance;
  • 2nd pillar (quasimandatory) - a superannuation (7.3% of remuneration) is paid to an insurance fund, chosen by an employee; this contribution is exempted from income tax and is heritable
  • 3rd pillar (mandatory) - individual retirement programmes including Employee Retirement Programmes (PPE) paid by employer and Individual Pension Schemes (IKE) paid by employee

Sources:
http://www.zus.pl/files/english.pdf
http://pl.wikipedia.org/wiki/Emerytura

Update 17/04/2008


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