PM: Poland not to agree to include proposed pension bonds to public debt.

By bne IntelliNews November 29, 2010
Poland will not agree to include the proposed pension bonds into the public debt, PM Donald Tusk has said. He admitted that the government was considering linking these bonds' introduction with lowering contributions to open pension funds (OFEs). The Premier elabotated that the current model of the Polish old-age pension system was "very expensive, and because of this - safe for future pensions." Tusk also declared that any changes to the pension system would be introduced only after consulting them with financial institutions that were interested in these issues. Recently, the PM's Economic Council, an advisory body, has come up with seven proposals of changes to the pension system with a view to ease public finances. One of the proposals stipulates for lowering the contribution forwarded to mandatory pension funds to 3.0% from current 7.3% of gross wages, with the remaining part to be paid out in the form of non-transferable pension bonds. tom

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