Projections for replacement rate achievable from two mandatory pillars of the pension system indicate a significant reduction in retirement income compared to regular professional activity. The designers of the new philosophy of retirement have made an assumption that all three pillars will play equivalent role in providing retirement income. They have also assumed that the participants of the pension system will be kept informed about the height of the expected benefits derived from the first pillar and the amount of funds (...) raised in the second pillar. Forecast of low (unsatisfactory) benefits from a compulsory part of the system is supposed to persuade people to make informed decisions aimed at increasing retirement income. (shrink)

One way of showing respect for human dignity is providing people with a suitable level of income security. This respect can be manifested by establishing a certain financial minimum that will allow people to function independently in society and use the opportunities offered by civilisation. The awareness of the above gives special meaning to the level of incomes obtained by the elderly. The fact that pensions are the primary resource for the population to meet its financial needs makes the pension (...) insurance solutions particularly important, especially the formula used for calculating the amount of a future pension. Its final amount will affect the pensioner’s standard of living, enabling them to enjoy the same quality of life they had in the period of economic activity or gradually causing impoverishment. The levels of future pensions depend on factors related to the systemic solutions, but pensioner’s personal characteristics also exert strong influence on their amounts. With the responsibility for having decent incomes after retirement being transferred to the insured themselves, it has become necessary to promote pension awareness (the knowledge of how the new system works) that translates into pension prudence prompting people to reduce voluntarily their current consumption in favour of future consumption. The public need to understand that the income replacement rate will be high only for few of the insured persons, i.e. those boasting high earnings and long, unbroken periods of economic activity. People with poorer records of economic activity will draw lower pensions that will not always allow them to live decent lives after retirement. (shrink)

The subject matter of the study is an analysis of the social consequences of increasing the retirement age of women up to 67 years. The discussion on the change in the retirement age is usually focused on its economic and financial aspects, hence a deeper scientific analysis is needed in relation to the social repercussions of this operation. The main subjects of the study are as follows: maintenance of equality tendencies in relation to the principles of social justice, changes in (...) the social structure manifested especially on the labour market, social expectations as to employment security for those approaching retirement and development of flexible forms of working, development of incentives encouraging employers to keep current staff or hire new employees of older age, and changes in social roles. (shrink)