The draft amendment of the open pension fund (OFE) law will be examined by the lower chamber of the Polish parliament (Sejm) in the mid-November, according to vice-premier and minister of finance Jacek Rostowski.
The minister stressed that the government wanted to keep all equities in open pension funds allowing the funds to continue to invest and to support the real economy.
At the beginning of September, the government proposed to move bond portfolios of 13 existing pension funds to the state Social Security Board (ZUS) and to lift hurdles on the funds' investment programmes, also eliminating their benchmarks. Poles will have three months (after the changes take effect) to choose whether they want to transfer their old-age pension contribution (proposed at 2.92% of gross wages vs. current 19.52%) to the fund or ZUS. If they make no decision, they will be transferred to ZUS by default.
Co-founders of the pension reform, conducted in 1998 in Poland, i.e. Jerzy Buzek, Jerzy Hausner and Leszek Balcerowicz are highly critical about the planned changes .
Alior Bank will pay out a dividend of PLN570mn (€122mn) from the profit generated in 2023, the Warsaw-listed lender said on February 28. The payout is in line with recommendations of the Polish ... more
The European Bank for Reconstruction and Development (EBRD) invested €20mn in debut Eurobonds issued by the state-controlled Bank Pekao, the second-largest Polish lender by assets, the EBRD said on ... more
PKO Bank Polski, along with three other banks, has entered into a consortium agreement with Great Wind, a subsidiary of the Polsat Plus Group, a media and entertainment company, to finance the ... more