PFR expects 100% of companies signed PPK management contracts

“I am almost sure that 100% of companies that were to sign contracts for the management of Employee Capital Plans (PPK) with financial institutions by October 25 did so,” said Bartosz Marczuk, vice president of the Polish Development Fund (PFR).

In accordance with the PPK Act, a company that does not sign such a contract faces a penalty amounting to up to 1.5% of its annual salary fund. “I don’t suppose this has happened to anyone,” Marczuk added.

When asked how many employees would join PPK, he said that at the beginning he had expected about 40%. He noted that after negative experiences with Open Pension Funds, public confidence in retirement saving systems organized, to some extent, with the help of the state was severely damaged and now needs to be rebuilt. And this process, he emphasized, will take years.

(PAP)