Lowering retirement age will cost PLN 10 bln a year

The cost of cutting retirement age will amount to PLN 10 billion a year, said Henryk Kowalczyk, head of the standing committee. "In 2016, the cost would stand at PLN 5.6 billion, in the next years, it will rise to around PLN 10 billion," Kowalczyk said. On July 19, the Polish government approved the president's proposal to cut the retirement age starting from October 2017 at the earliest, a move that would unravel the previous administration's pension reform. The retirement age for women will stand at 60 and for men at 65.