WARSAW: Poland’s government is drafting a voluntary, employer-provided pension program that its author says will boost the country’s savings by 20 billion zloty ($6 billion) a year and strengthen Warsaw’s capital market.Pawel Borys, the architect of the program who’s also the head of the state’s development fund, told Bloomberg the government program may take effect from the start of next year.
The program is set to be the first stage of a bigger industry revamp, with the cabinet also planning to overhaul the existing system of pension funds, which manage $54 billion in assets, including 43 percent of the Warsaw bourse’s free float, he said.We want to address the very-low saving rate among Poles,” Borys, 40, said from his office in central Warsaw. “This is a key element for building a capital market hub and spur innovation in this part of Europe.
