Lower retirement age to cost Poland PLN 54 bln – ZUS head

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According to Social Security fund (ZUS) President Gertruda Uścińska the cost Poland will bear between 2017-2021 for lowering retirement age will reach PLN 54 billion. “We’ve analyzed how similar changes to the law in the past affected workers, and we’ve calculated that 82 percent of those able to retire earlier will do so,” Uścińska said.

“Since we have nearly 415,000 people who will meet the conditions, some 331,000 will now decide to retire, although we think that this figure will be lower,” she said, adding that so far, ZUS received 120k retirement applications.

According to ZUS calculations, this year’s cost of the lowering the retirement age will amount to PLN 805 million.

Back in December last year, Poland lowered the retirement age to 60 for women and 65 for men, from the previous 67 for both sexes. The new law will come into force on October 1.

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