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Poland should increase its retirement age
TVN24 | TVN24 News in English
27 lutego 2023,
"Monetary and fiscal policy should be carefully balanced to support growth while avoiding high inflation expectations becoming entrenched," Organisation for Economic Co-operation and Development (OECD) said in its latest report. The organization also suggested Poland introduce various changes, including the retirement age.
"In this challenging environment, macroeconomic policy needs to strike a fine balance between supporting the economy while reducing inflation," the OECD said in a report devoted to Poland.
"Structural reforms aimed at paving the way for a successful green transition, reaping the benefits of digitalisation and strengthening public finances, will help Poland to continue lifting living standards," the report added.
The OECD also forecasts Poland's GDP growth "to recover to 2.4% in 2024, while inflation is projected to peak in early 2023 before falling to 3.5% by the end of 2024".
Furthermore, the OECD advised against continuing of the so-called credit vacations in Poland after 2023, and suggested it would be better to use the Borrowers Support Fund.
"For the immediate future, it is important to ensure that energy-related support to households and firms remains temporary and does not add to inflationary pressure," the OECD said.
OECD suggests changes in retirement age
According to the OECD, "carrying out a comprehensive spending review, improving spending efficiency and broadening the tax revenue base by eliminating some value-added tax exemptions and increasing taxes on real estate" could help to balance Poland's public finances.
"Extending working lives, including through gradually aligning male and female retirement ages, and increasing that age with healthy life expectancy gains, is also key," the OECD underscored.
Retirement age in Poland
The retirement age in Poland is different for women and men: 60 and 65 respectively.
In 2013, the then PO-PSL liberal government introduced a reform assuming the same retirement age for men and women - at 67. The retirement age for men was meant to increase gradually until 2020, while in the case of women - until 2040. The current right-wing PiS government reversed those changes in 2017.
TVN24 | TVN24 News in English
27 lutego 2023,
"Monetary and fiscal policy should be carefully balanced to support growth while avoiding high inflation expectations becoming entrenched," Organisation for Economic Co-operation and Development (OECD) said in its latest report. The organization also suggested Poland introduce various changes, including the retirement age.
"In this challenging environment, macroeconomic policy needs to strike a fine balance between supporting the economy while reducing inflation," the OECD said in a report devoted to Poland.
"Structural reforms aimed at paving the way for a successful green transition, reaping the benefits of digitalisation and strengthening public finances, will help Poland to continue lifting living standards," the report added.
The OECD also forecasts Poland's GDP growth "to recover to 2.4% in 2024, while inflation is projected to peak in early 2023 before falling to 3.5% by the end of 2024".
Furthermore, the OECD advised against continuing of the so-called credit vacations in Poland after 2023, and suggested it would be better to use the Borrowers Support Fund.
"For the immediate future, it is important to ensure that energy-related support to households and firms remains temporary and does not add to inflationary pressure," the OECD said.
OECD suggests changes in retirement age
According to the OECD, "carrying out a comprehensive spending review, improving spending efficiency and broadening the tax revenue base by eliminating some value-added tax exemptions and increasing taxes on real estate" could help to balance Poland's public finances.
"Extending working lives, including through gradually aligning male and female retirement ages, and increasing that age with healthy life expectancy gains, is also key," the OECD underscored.
Retirement age in Poland
The retirement age in Poland is different for women and men: 60 and 65 respectively.
In 2013, the then PO-PSL liberal government introduced a reform assuming the same retirement age for men and women - at 67. The retirement age for men was meant to increase gradually until 2020, while in the case of women - until 2040. The current right-wing PiS government reversed those changes in 2017.
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