Labor ministry: 17% of Poles retire later

Currently, 17 percent of Poles decide to retire later than the current retirement age set at 67 for both sexes, statistics released by the ministry of labor said. “The currently used algorithm, benefits those who work longer, as the capital set aside on retirement is increasing, while the average time spent on retirement gets shorter,” The ministry wrote. According to the data, in 2018, 331,000 people will retire in Poland, according to the ministry, one additional year in work raises the level of pension by 8 percent. However, in December last year, Poland lowered the retirement age to 60 for women and 65 for men. Despite that, the ministry claims it's too early to say whether this move will negatively impact labor market and public finances.