The Impact of the Economic and Financial Crisis on the Polish Pension System
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Stanisława Golinowska
Stanisława Golinowska is a Professor of Economics and the former Director of the Institute of Labour and Social Studies in Warsaw (1991-1997) and the Institute for Public Health at the Jagiellonian University in Cracow (2001-2008). From 2007 to 2009, she was a member of the UN Committee for Development Policy. Currently, she serves as Vice Chair of the council of the Centre for Social and Economic Research (CASE). Her research covers many areas of labour and social policy, including the labour market, pension system, health care, social inclusion, development of non-profit organizations and social dialogue. She has been responsible for developing large-scale comparative studies and has participated in several international research projects.Maciej Żukowski is a Professor of Economics and, since 2008, Vice Rector of the Poznan University of Economics (Poland) for Research and International Relations. His research, mainly undertaken in a comparative perspective, concerns social policy, especially retirement pensions, the labour market, international migration, and European integration. He has participated in several international research projects.
Abstract
In 1999, Poland introduced a radical reform of its retirement pension system. That reform rested on replacing a portion of the pay-as-you-go scheme with a fully funded capital scheme, as well as on withdrawing from a defined-benefit pension formula in favour of equivalent solutions via the introduction of a defined-contribution pension formula. When, in 2008, the global financial crisis disrupted financial markets, the rate of returns on investments from pension funds dropped dramatically. Moreover, the difficult state of public finances started to encumber the further financing of the reform’s transitional period. This brought about a discussion on “reforming the reform” in Poland and led to a reduction of the contribution rate to the funded pillar from 7.3% to 2.3% beginning in May 2011. The recent debate has both touched on and highlighted a range of issues which had not been aired to date.
About the authors
Stanisława Golinowska is a Professor of Economics and the former Director of the Institute of Labour and Social Studies in Warsaw (1991-1997) and the Institute for Public Health at the Jagiellonian University in Cracow (2001-2008). From 2007 to 2009, she was a member of the UN Committee for Development Policy. Currently, she serves as Vice Chair of the council of the Centre for Social and Economic Research (CASE). Her research covers many areas of labour and social policy, including the labour market, pension system, health care, social inclusion, development of non-profit organizations and social dialogue. She has been responsible for developing large-scale comparative studies and has participated in several international research projects.
Maciej Żukowski is a Professor of Economics and, since 2008, Vice Rector of the Poznan University of Economics (Poland) for Research and International Relations. His research, mainly undertaken in a comparative perspective, concerns social policy, especially retirement pensions, the labour market, international migration, and European integration. He has participated in several international research projects.
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© 2011 by Lucius & Lucius, Stuttgart
Articles in the same Issue
- Inhaltsverzeichnis
- ZSR-Schwerpunkt: Financial Market Crisis and Pension Reforms in Eastern Europe
- The Financial Market Crisis and Old-Age Security
- Pensions at the Time of Recession. The Case of Lithuania
- The Impact of the Economic and Financial Crisis on the Polish Pension System
- Impact of the Economic and Financial Crisis on Pension Systems in Central and Eastern Europe: Hungary*
- Impact of the Economic and Financial Crisis on the Pension System in the Czech Republic
- Beiträge außerhalb des Schwerpunkts
- Sozialpolitik als Hilfe für die Wirtschaft?
- Bedürftigkeit von Müttern: Dauer des Leistungsbezugs im SGB II und Ausstiegschancen
- Abstracts
Articles in the same Issue
- Inhaltsverzeichnis
- ZSR-Schwerpunkt: Financial Market Crisis and Pension Reforms in Eastern Europe
- The Financial Market Crisis and Old-Age Security
- Pensions at the Time of Recession. The Case of Lithuania
- The Impact of the Economic and Financial Crisis on the Polish Pension System
- Impact of the Economic and Financial Crisis on Pension Systems in Central and Eastern Europe: Hungary*
- Impact of the Economic and Financial Crisis on the Pension System in the Czech Republic
- Beiträge außerhalb des Schwerpunkts
- Sozialpolitik als Hilfe für die Wirtschaft?
- Bedürftigkeit von Müttern: Dauer des Leistungsbezugs im SGB II und Ausstiegschancen
- Abstracts
