Employee Capital Plans (PPK) are a general, entirely private system of long-term system to save for retirement. PPK will be a capital plan for employees which will be obligatorily* implemented by employers. Employee will participate in PPK on a voluntary basis.
The described assumptions regarding PPK stem from the bill on employee capital plans approved by the Sejm (1.10.2018) and the Senate (26.10.2018). Currently the bill is pending the President’s signature and announcement. The bill is to enter into force on 1.01.2019.
*PPK bill will not be applicable to employers who in the dates indicated in the bill run Employee Pension Plans (PPE), calculate and pay basic premium to the benefit of their employees (at least 25% of employees) in the amount of at least 3.5% of their remuneration.
* pursuant to the article 137 of the PPK bill, entities from the public finance sector will be obliged to conclude PPK management agreement starting from 1 January 2021 regardless of the number of employees.
Capital groups will be able to launch PPK in all their entities of the Group in line with the provisions of the PPK bill for the employer in the group that hires the highest number of people.
Contributions to PPK (by both employer and employee) are calculated on the basis of the salary* of the employee. The amount of the basic and additional contribution will be the following:
Basic - obligatory
Additional - voluntary
* base for employee pension and disability insurance contribution stipulated in the Act of 13 October 1998 on the social insurance system, excluding pension contributions assessment basis for pension and disability insurance of those on parental leave or receiving maternity allowance or benefits equal to maternity allowance
**basic contribution financed by the employee may amount to less than 2% of the remuneration, but not less than 0.5% of the remuneration, if the employee’s remuneration from different sources in a given month does not exceed the amount equal to 1.2x of the minimum remuneration.
Additionally, for every customer participating in PPK (after meeting obligations stemming from PPK bill), a welcome payment of PLN 250 and annual payment of PLN 240 are planned.
We create a process thanks to which we will conduct the company and its employees through PPK implementation in a complex way. We will ensure tools for PPK management to minimise the time devoted to administering the plan by the employer, at the same time keeping maximum transparency for the employee.
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