The data provided by the Polish Development Fund (PFR) shows that at the end of August this year. a number of participants Employee Capital Plans was 2.44 million. Two months earlier, there were 2.4 million of them. In turn, last year ended with a result of 2.27 million, and the state as of June 30, 2021 was 2.16 million.
– The PPK is just taking root with us. So it’s good that the number of people covered by it is growing. This shows that there is a growing awareness of the need for additional security for the future. However, taking into account that we have nearly 17 million employees, we are very far from being satisfied. We could be satisfied with participation at the level of two-thirds, not about 15 percent. – comments Jeremi Mordasewicz, advisor to the management board of the Lewiatan Confederation, former member of the Supervisory Board of the Social Insurance Institution.
In turn, prof. Stanisław Gomułka, chief economist of the BCC and former deputy finance minister, expected greater interest in the PPK. According to the expert, problems may arise from a collapse in confidence in government initiatives, especially after the failure of the open-ended pension fund program. Especially after half of its funds were taken over by the state budget, Poles could become discouraged from such initiatives. It is true that the entries appeared on ZUS accounts, but a large number of participants believed that the money accumulated in OFE belonged to them. Therefore, the takeover was treated as an abuse, although it should be noted that it was formally lawful.
– For me, the number of PPK participants is not a surprise. When this system was launched, a much larger group of people was expected to join it. So far we have not succeeded. As Poles, we are not in the habit of making long-term savings. People save money, e.g. to buy household items, furniture or a car. However, they usually stop there – emphasizes Jeremi Mordasewicz.
According to the data provided by PFR, at the end of August this year. funds accumulated in the PPK amounted to PLN 9.77 billion. Compared to July, there was an increase by PLN 177.4 million. In turn, the state of June 30. amounted to PLN 9.03 billion. Last year was closed with the amount of PLN 7.67 billion, and six months earlier it was mentioned by PLN 5.33 billion.
– Undoubtedly, there has been a significant increase in over a year. However, there are still very modest resources in the PPK. For comparison, at the time when half of the funds were taken over from OFE, about PLN 300 billion was accumulated there – analyzes the chief economist of BCC.
The PFR press office also reports that the increase in accumulated funds in the period from June to August is largely due to the fact that PPK funds are catching up with their results. Jeremi Mordasewicz, on the other hand, points out that now the situation on the stock exchange is worse again. Such hesitation upsets people because they see that their money is running out. And yet it is a very long-term saving system. Here we are talking about putting aside funds for 30 or 40 years, i.e. for the period of professional activity. Therefore, we should not dazzle with increases or decreases in the next two or three years. It was similar with OFE.
– It is important that working people see the risks associated with time. In 20-30 years, pensions for many people, especially women, can be really meager. Therefore, it is also necessary to consider joining this program – adds prof. Gomułka.
Thinking about the future
As of August 1 this year, the greatest number of active participants of PPK came from the Mazowieckie voivodship – 804 thousand. 741 (accumulated net assets – PLN 3.855 billion). Then we have Greater Poland – 283 thousand. 561 (about PLN 1.017 billion), Silesia – 238 thousand. 550 (approx. PLN 979 million), Małopolskie – 202 thousand. 827 (approx. PLN 928 million), as well as Lower Silesia – 189 thousand. 263 (PLN 743 million). The least active participants were from the province. Świętokrzyskie – 28 thousand 454 (assets at the level of approx. PLN 122 million). Higher on the list are people who do not have an address in Poland – 29 thousand. 207 (approx. PLN 44 million). In front of them are the inhabitants of Lubuskie – 29 thousand. 611 (PLN 119 million), as well as in the Warmian-Masurian Voivodeship – 33 thousand. 624 (about PLN 125 million).
– The PPK is to provide protection against poverty in old age. I hope we will not turn our back on this initiative and we will implement it slowly. For example, in Great Britain or New Zealand there is much greater participation in such programs organized by employers. However, it took them several years to figure it out. A simple mechanism worked there. People learn about the benefits of their colleagues or friends. And then they decide to enter – describes an expert from the Lewiatan Confederation.
In turn, prof. Gomułka emphasizes that The inflow of funds to funds and their introduction to stock exchanges is potentially a very important source of financing economic growth. On the other hand, in Poland, the savings are generally small and this has an impact on the investment opportunities in the country. As the former Deputy Minister of Finance points out, the business community and economists treated the PPK as a positive initiative, but from the beginning there were doubts as to whether it would be enthusiastically received by employees. Indeed, these fears were confirmed. According to the expert, the number of participants will increase, but slowly.
– I would be careful with the assessment of the PPK, because we are in a period of really exceptional turbulence. I would suggest that you make your judgment calmly over the long term. I am very much in favor of these forms of saving, but we are at the very beginning of this path. If we collect 100 percent in PPK and other similar programs. Polish GDP, then I will say that we have a mature savings system for retirement. A few years ago, the Dutch in this way collected approx. 120 percent. their GDP – summarizes Jeremi Mordasewicz.