PM announces pension system reform

Poland will restructure its pension system so that it is based on three pillars - the social insurer, employee capital plans and personal pension accounts, PM Mateusz Morawiecki told press conference. "We want to tidy up the pension system which is a key part of the financial security of Poles for their retirement years," Morawiecki said, adding that Poland's major problem was "the lack of ability to create savings, savings for later years of life, savings for infrastructural projects, Poles' savings that benefit the entire economy." The latest pension system reform is a response to this problem, he said. The pension system is to be "gradually restructured" and be based on three pillars - Social Insurance Institution (ZUS), Employee Capital Plans (PPK) and Personal Pension Accounts (IKE).