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Wednesday, February 28, 2024

Budget for 2024. Act published in the Journal of Laws

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On Thursday, the budget act for 2024 and the budget-related act were published in the Journal of Laws. They assume, among others: raises for the budget, including 30 percent for teachers. The regulations also provide for the allocation of PLN 3 billion, among others: for the treatment of oncological diseases.

On Wednesday, the president Andrzej Duda decided to sign, among others the budget act for 2024 and the budget-related act and decided to refer them, in the mode of post-control, to the Constitutional Tribunal to examine their compliance with the Constitution. The President pointed to doubts regarding the adoption of the bill without the possibility of participation Mariusz Kamiński and Maciej Wąsik. Prime Minister Donald Tusk in reaction to the president’s decision, he emphasized on the X platform that “the budget was signed and that was what it was about.” “The rest doesn’t matter. The money will go to the people, nothing will stop it,” wrote the head of government.

READ ALSO: The president’s decision on the budget. The Minister of Finance takes the floor>>>

Main assumptions of the budget for 2024

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The budget for 2024 assumes that the deficit will amount to no more than PLN 184 billion, and the deficit of European funds is set at PLN 32.5 billion. The justification to the act indicated that, taking into account the financial plans of other public finance sector units, the forecast deficit of the finance sector – according to the EU methodology – will amount to 5.1% this year. GDP. State revenues are expected to amount to nearly PLN 682.4 billion, including tax revenues of almost PLN 603.9 billion. The established spending limit for this year is nearly PLN 866.4 billion. The government has planned defense spending of PLN 118 billion, which is 3.1 percent. GDP planned for 2024. The budget also includes a continuation of the increase in health care expenditure, which will amount to PLN 192 billion. PLN 117.9 billion was planned for subsidies for local government units.

Socio-economic programs

The act provides for funds for the implementation of the “Active Parent” program for women who return to the labor market after giving birth to a child, and PLN 500 million for financing the in vitro procedure. The budget also provides money for the continuation of socio-economic programs, including: implementation of the “Family 800+” program, family care capital, indexation of pension and disability benefits from March 1, 2024, payment of the so-called 13th and 14th pensions this year The budget – as written in the justification to the act – was prepared assuming that GDP growth would amount to 3%, and inflation the average annual rate is 6.6%, investments will increase by 4.4%, which is due to, among others, from the implementation of projects from the National Reconstruction Plan.

Assumption of employment growth

It was assumed that this year imports would grow faster than exports, as a result of which the current account balance would be 0%. GDP. The inflow of long-term capital, i.e. direct investments from non-residents and European structural funds, should also be continued. The budget assumed that due to the improvement in the economic growth rate, the demand for labor would increase. Average employment in the national economy will increase by 1.2 percent, unemployment rate registered at the end of the year is expected to be 5.2%. The nominal increase in the average salary in the national economy this year. is expected to be 9.8 percent. (approx. 3 percentage points above the forecast inflation), which will result, among others, growth minimum wage.

Pay raises for teachers and support for universities

The budget-related act for 2024 provides for pay raises for teachers by 30%. and for beginner teachers by approximately 33 percent. This solution is to ensure that teachers will receive PLN 1.5 thousand each. PLN increase. The act also includes regulations related to the transfer of funds for salary increases for preschool teachers. As a result, the subsidy for local governments related to pre-school teaching will amount to nearly PLN 4.2 billion. The Act also provides for transfer treasury bonds for universities in the amount of nearly PLN 2.2 billion, to the Reprivatization Fund up to PLN 10 billion. The regulations also provide that PKP Polskie Linie Kolejowe will be able to count on the transfer of bonds worth up to PLN 1.3 billion, the Minister of IT may receive bonds worth up to PLN 3.5 billion to support semiconductor investments, and mining companies may receive bonds worth up to PLN 7 billion. Moreover, the act includes a provision according to which, upon the Prime Minister’s order, it will be possible to transfer bonds worth up to PLN 12 billion to state legal entities.

Additional funds for psychiatry and oncology

The regulations also provide for the transfer of securities worth up to PLN 3 billion for child psychiatry and pediatric oncology, as well as for oncological diagnostics or oncological treatment of other patients. The new regulations freeze the so-called fireplaces, i.e. remuneration for managers of State Treasury companies, government agencies, funds or state-owned enterprises. Changes in this matter are to enter into force the following month after the entry into force of the budget-related act. The budget-related act also shifts the payment of the first installment from the National Fund for Environmental Protection and Water Management (NFOŚiGW) to the Government Road Development Fund in 2024. The first installment would be paid together with the second by April 25, 2024. The budget-related act is to enter into force on the date of announcement , with effect from January 1, 2024 (PAP)

Main photo source: PAP/Paweł Supernak

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