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Open Pension Funds to be Disposed of

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The Polish government announced its plans for a new pension system reform and its intention to entirely do away with Open Pension Funds (OFE). This will be a definite end of the retirement system as we know it. Several years ago, after the reform of 1999, OFEs were supposed to be the main pillar of the pension system, where millions of Polish workers would deposit a part of their income waiting for old age to come. T Read more

First Electronic Money Licence in Poland

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Financial Supervision Authority (KNF), the body supervising the Polish financial market, granted first-ever licence for issuing electronic money in Poland. The licence was approved for Polish-British company called Billon Solutions. The entity has also been permitted to provide payment services using electronic money. This is a noteworthy moment in the history of Poland’s financial markets. In a press release, KNF stressed that the institution supports innovative Read more

Ministry Wants to Reduce Labour Costs

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Teresa Czerwińska, Poland’s Minister of Finance, announced new government plans aiming to bring labour costs down. This is to be done by an array of changes to Personal Income Tax regulations. The ones who will benefit the most are young Poles and people with low to moderate income. The changes will affect employees who are taxed on tax scale as well as entrepreneurs who operate as sole proprietorships and pay PIT tax instead of Read more

Energy Transition – a Challenge for Poland

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Europe needs to move away from fossil fuels and towards renewable energy sources. The energy transition is one of the biggest challenges that current and future governments face. The change will be particularly hard for those regions whose economies are based on coal. A recent report from the European Commission experts focuses on the future of EU’s coal regions. According to the researchers, Poland may loose over 40 thousand jobs by 2030 as a result of the energy transition shift. It will mo Read more

Teachers Strike Spreads Across Poland

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Monday is the first day of national-wide teachers strike. It is estimated that more than 70 percent of preschool, primary, middle and secondary school teachers participate in the strike, and it is virtually impossible for anyone to miss it. Most state schools are closed for indeterminate period. Although pupils may be happy the school is out, adults have a tough nut to crack. School staff are fighting for higher remuneration. Teachers strike on salaries have stayed on the same level for 10 year Read more

Will the New Social Transfers Sink the Polish Economy?

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The ruling Law and Justice Party has a new idea for winning the upcoming European Parliament elections to grow the Polish economy: a “Five+”, a package of five ideas that is to make voters happy, including a 13th pension for all pensioners, increased tax-deductible expenses threshold, exemption from income tax for young people, loosening the requirements for participating in the “500+” child benefit scheme and revival of bus transport in small towns. Critics say that if implem Read more
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