Poland’s nationalist ruling party will seek to effectively reduce the retirement age, its latest election-campaign promise coming after a sharp selloff on local financial markets.
Law & Justice Chairman Jaroslaw Kaczynski unveiled on Saturday plans to allow women to retire after working for 38 years and men after 41 years, reducing the age at which Poles can start to receive pension benefits by as much as four years.
The ballot is set to determine whether the biggest eastern economy in the European Union, which is also on the frontier of the war in Ukraine, will continue to defy the EU’s democratic standards. A mix of Poland First rhetoric, generous welfare spending and rapid economic growth has kept Law & Justice in power for eight years.
The campaign took a new twist earlier this week after the central bank blindsided investors with a steep interest-rate cut that sent the zloty to its deepest slide since the Ukraine invasion in early 2022. The decision sparked accusations that Governor Adam Glapinski was doing the government’s bidding.The planned retirement age revamp would allow women to retire with state-pension benefits as early as when they are 56 years old, while men can tap pensions from 61.
While Kaczynski’s ruling alliance leads in the polls, the part has come under fire for its failure to tackle the cost-of-living crisis after inflation spiked to a quarter-century high earlier this year.
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