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World Bank: Poles need to start saving more

PR dla Zagranicy
John Beauchamp 30.12.2014 08:16
It is important for Poles to save, as this not only guarantees them a better future, but also helps the country maintain a healthy economic growth says the World Bank.
Photo: Marcin Jochimczyk/FreeimagesPhoto: Marcin Jochimczyk/Freeimages

An extra 10 percent in savings is needed to mantain current pension levels. Photo: Marcin Jochimczyk/Freeimages

Economists have long warned that the pension of Poles aged between 30 and 50 will be significantly lower than that of the previous generation.

“As the country ages and productivity growth begins to wane, Poland will face a number of economic challenges. At the macro level saving will need to increase from below 18 percent of GDP to about 23 percent of GDP in 2030 including to finance increased investment, while currently working individuals will have to save about 10 percent of their annual earnings to guarantee current replacement rate,” a recent World Bank report reads. (rg)

Source: PAP

tags: pensions, savings
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