Lowering the retirement age will cost 0.4-0.9% GDP per year EC

According to the European Commission, the cost of lowering the retirement age in Poland will cost between 0.4-0.9 percent of GDP per year till 2050. The EC claims such burden will hurt public finances. It suggests that the negative effect could be balanced out by incentives which would encourage Poles to work beyond the retirement age, but such actions have not been announced so far. 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.