Employee Capital Plans (PPK) have not been implemented in all companies. From November 18, the Polish Development Fund will start sending requests to almost 650,000 entities that were obliged to conclude PPK management agreements, but have not yet done so.
The Polish Development Fund explained that it has a legal obligation to check whether all entities obliged to establish Employee Capital Plans have complied with this obligation.
From November 18, the Fund will start sending calls to almost 650 thousand. entities that are not in the PPK records kept by PFR, with a request to clarify the situation. The call will be made available on the ZUS Electronic Services Platform of the given employer. It will contain a link redirecting directly to the PFR website, where there is a special form. By filling it in, the employer will inform about the conclusion of the PPK management contract or about the reason for the lack of such a contract.
You will be able to log in to the form using the NIP and TOKEN numbers provided in the document. The fund assured that it would not take more than a few minutes to complete the form. If the company does not have PUE ZUS, it will receive the summons by post.
The sending of the summons is expected to be completed by the end of this year.
Employee Capital Plans – companies
After receiving the summons, the company should check whether it is obliged to conclude a PPK management contract. The Polish Development Fund reminded that only three groups of entities do not have to create a PPK: micro-entrepreneurs, if all employees submitted a declaration of resignation from making contributions to the PPK; natural persons employing a natural person – to the extent unrelated to its business activity; entities that, on the day of their adoption by the provisions of the PPK Act, ran the Employee Pension Program (PPE) and charged and paid basic contributions to PPE in the amount of at least 3.5 percent. wages for a minimum of 25 percent employed persons and are still entitled to this exemption.
If the company that receives the call from the Fund belongs to one of these categories and is not obliged to conclude a PPK management contract, it should inform PFR about it by marking the appropriate point in the form and sending it.
If the employer who receives the summons is not released from the obligation to implement the PPK, he should conclude a PPK management contract with a designated financial institution (PFR TFI) as soon as possible or select the financial institution with which he wants to conclude a contract. The financial institution should be selected from among those entered in the PPK records, listed on the website www.mojeppk.pl. There will be 30 days from receiving the summons to conclude the PPK management contract.
If the employer has already selected a financial institution and signed a PPK management contract, he should inform the PFR about it by marking the appropriate point in the form and sending it. After concluding a PPK management contract, the employer is also required to conclude a PPK management contract for employees – it was recalled in the release.
Failure to conclude a PPK management contract on time may result in a fine of up to 1.5%. the remuneration fund in the employing entity in the financial year preceding the failure to comply with the obligation to conclude the contract.
Employee Capital Plans – what is it
Employee Capital Plans are a voluntary and universal system of long-term savings. It is supposed to be a way of additional savings in old age. Every employee who is obligatorily subject to retirement and disability insurance can join the program. Savings will be created jointly by employees, employers and the state.
The so-called basic contributions to the PPK, financed by employees and employers, amount to: 2 percent of the gross remuneration that the employee will pay, while people earning less than 120 percent of the minimum wage may apply for a contribution reduction to 0.5 percent and 1.5 percent the employee’s gross wage to be paid by the employer.
Main photo source: Shutterstock