The Polish NDC Scheme: Success in the Face of Adversity

Sonia Buchholtz, Ch?on-Domincza, Agnieszka and Marek Góra

No 136550, Social Protection Discussion Papers and Notes from The World Bank

Abstract: Poland?s pension system faces multiple challenges, including accelerating population aging. Early retirement policy aimed at mitigating mass exit from the labor market led to the rise of pension system economic dependency. Transition to a nonfinancial and financial defined contribution (NDC plus FDC) system in 1999 mitigated the fiscal risk and an unfair balance of interest between the working and retired generations. The new system separated the income allocation and redistribution. The retirement age was raised. However, the implementation of the new system is a case study of misuse for current political goals, ad hoc tweaks, and unfinished topics. Yet the 1999 pension reform met its goals.

Keywords: Social Development&Poverty; Pensions&Retirement Systems; Labor Markets; Rural Labor Markets; Disability (search for similar items in EconPapers)
Date: 2019-04-01
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