Następstwa reformy emerytalnej dla Zakładu Ubezpieczeń Społecznych
Consequences of pension reform for the Social Insurance Institution

Summary/Abstract: There are two systems for protection of the old age risk: PAYG: pay-as-you-go (DB – defined benefits) and DC – defined contributions. The first one applies the principle of social solidarity, and is so-called intergenerational contract system, because actually a wor¬king generation assures financing of seniors. In the second system retirement depends on sa¬vings, which is entrusted with specialized financial institutions. In Poland there are currently two parallel systems. Transmission of a substantial part of contributions to open pension funds (OFE) has caused a profound deficit in Social Insurance Fund, State Budget and negatively affects the public finances. It is urgent to stop the reform, which will soon threaten the misery of millions of Polish households.

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