Such a result has never been achieved. Over PLN 23 million will go to new PPK participants

ByValeska
Eight or maybe 20 days? How long do you have to wait for a credit decision today?

In the first half of August, PFR SA will transfer PLN 23.6 million to institutions running PPK. The money will be added to the accounts of almost 94.5 thousand participants. In the previous quarter, there were 78.4 thousand participants who received PLN 19.6 million. We can conclude from this that PPK are becoming increasingly popular.

The right to a one-time welcome payment of PLN 250 is granted to a person who has had the status of a PPK participant for at least 3 full calendar months. The welcome payment is financed from the Labor Fund.

Welcome and annual contributions to PPK

What are welcome payments and annual payments? When joining PPK for the first time, the employee receives a welcome payment of PLN 250. It is the same for all participants in the program. The condition for adding it to the account is to remain in the program for at least 3 full months and make basic payments to PPK during that time. If the participant resigns from making payments to PPK after one month, they will not receive a welcome payment.

The welcome payment is paid only once, regardless of how many PPK accounts you have.

PPK participants also receive an annual supplement of PLN 240. It will be received by those participants whose basic and additional payments during the year amount to at least 3.5% of 6 times the minimum wage applicable in the year for which the supplement is provided.

  • In 2019, the amount of payments qualifying for the annual surcharge was PLN 472.50,

  • in 2020 – PLN 546 (minimum wage PLN 2,600 x 6 x 3.5%),

  • in 2021 – PLN 588 (minimum wage PLN 2,800 x 6 x 3.5%),

  • in 2022 – PLN 632.10 (minimum wage PLN 3,010 x 6 x 3.5%)

  • in 2023 – PLN 732.90 (minimum wage PLN 3,490 x 6 x 3.5%).

Welcome payments for the second quarter until August 14

Within 15 days of the end of the quarter, the Polish Development Fund, which is the operator of Employee Capital Plans, provides the minister responsible for labor with information on the total number of PPK participants who have acquired the right to it. Then, within 30 days of the end of the quarter, the minister transfers the welcome payment to the PPK participant who has met the conditions for receiving it, via PFR. This payment is recorded in the participant’s PPK account within 45 days of the end of the quarter.

This means that the welcome payment for the second quarter of 2024 will appear in the account of the PPK participant who met the conditions to receive it, no later than 14 August.

How to withdraw money from PPK?

There are currently 3.5 million people participating in Employee Capital Plans. This is significantly less than Law and Justice politicians expected when they introduced this new method of saving for retirement a few years ago, but nevertheless, the number of participants in the Plans is growing every year.

Participation in the program is 47.66%, with the most dynamic growth in companies employing over 250 people. There, participation has reached 75.70% – we learn from the latest “PPK Bulletin”.

You can withdraw money after you turn 60 or earlier – these are two different procedures. What do they look like? We describe it in this text.

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