Poland's lawmakers narrowly adopt pension reform

WARSAW, Poland (AP) Poland's lawmakers have narrowly approved a controversial reform to the country's pension system that transfers some of the savings from private funds to the state.

Under the plan that is to take effect in February, private pension funds will have to transfer their government bond holdings equivalent to some 55 percent of their assets to a state-guaranteed account, called ZUS.

Prime Minister Donald Tusk argues the money will be safer in ZUS, but critics say the plan is primarily designed to make the public accounts look better.

After a stormy debate, the lower house voted 232-216 in favor of the change Friday with one abstention.

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter

SIGN UP NOW

© Copyright 2016, NZME. Publishing Limited

Assembled by: (static) on production apcf04 at 25 Aug 2016 03:15:28 Processing Time: 908ms