Open Pension Fund

Ageing of the Polish society means that every year more and more people will reach the retirement age. At the same time, the number of people of working age will be decreasing. In this context, it appears that the pension system reform implemented in 1999 introduced a not very fortunate principle to the Polish pension system.

Under the pressure of unionists, local or state governments gave up fast – after all, they are not private owners, who protect their firms against the threat of bankrupcy, but elective clerks financed by taxes!

The Economic Council to the Prime Minister of Poland has published its comments about the changes in the Open Pension Fund (OFE). Because the professors have subscribed to them, we cannot say that they are another act of audacity, but quite a reasonable analysis. The only problematic thing is the fact that from correctly diagnosed premises, the professors draw quite puzzling conclusions, which are difficult to agree with.

Finance Minister Rostowski claims that “the liquidation of the Open Pension Fund is not completely ruled out”. But he is far from being right. The liquidation of the Open Pension Fund is completely certain.