ZUS borrows but does not reflect – Onet.pl

 
  Photo: Norbert Litwiński / Onet
 
 
 
 
 
 

This is confirmed in an interview with Onet Radoslaw Milczarski of Social Insurance.

– As at 31 March 2016 are due to repayment of the loans in the total amount 39.1 billion, however, the term of repayment will be prolonged on 31 March 2017. Currently plant is at the stage of preparation for the signing of the Minister of Finance annexes prolongujących repayment of these loans – tells us Radoslaw Milczarski and explains why ZUS will not give money – in agreement with the Minister of Finance decision was taken that the means of influencing the contributions will be used for the payment of benefits, not and the repayment of state loans, the maturity of which will be prolonged.

– ZUS does not have the ability to repay loans. This system permanently in deficit, which needs more and more support from the state budget. The plant does not have the ability for it to give money – tells us Jacob Sawulski from the Institute for Structural Research.

indeed, for years expenditures and the revenues Social Insurance Fund, which are paid pensions is not in balance. Every year, the Department of cash therefore needs an injection of money from the state budget. It is primarily grants – this year is approx. 44 billion, but also interest-free loans, which must be used to pay guaranteed benefits. ZUS is not enough that there is no money for the reimbursement of existing loans, it still plans to enlist in 2016 following commitments – more than 4.9 billion dollars.

You can assume that in the coming years will be at least similar. Forecasts ZUS we learn that in the years 2017-2021 on pensions will be missing each year from 48.7 to 50.6 billion. It is the most beneficial way. The most pessimistic option assumes that the hole will reach 65.2 billion in 2017 and over the next five years will increase to more than 90.5 billion dollars.

After the crisis

without the extra money from the state budget will be inevitable, likely so that ZUS will still be borrowed at the box office of the state. It can do this since 2009. Then came into force the amendment to the law on social insurance system, introducing the possibility of providing interest-free loans to pay guaranteed benefits. Changes in the law was introduced after the outbreak of the financial crisis, when the state budget situation was very tense and increasing subsidies to Social Insurance Fund would increase the state deficit. It Donald Tusk’s government could not afford.

Pawn was out of the situation, because they are not considered as expenditure (as is the case of grants), but as a use that has no impact on the deficit. Cabinet Minister Donald Tusk argued that the budget loans can now use the National Health Fund, and “the proposed changes will ensure favorable conditions for the Social Security Fund loan from the state budget or from the FRD (Demographic Reserve Fund – Ed.) On the conditions offered by financial institutions operating on free market. “

record was in 2013

ZUS eager to benefit from new opportunities. Even in 2009, the insurer borrowed 5.5 billion. The previous record was set in 2013, when the insurer borrowed from state coffers 12 billion. Last year it was more than 5.5 billion, and a total of ZUS has already borrowed more than 45.3 billion dollars.

Gros of this amount (39.1 billion), the insurer must give back to the end of March, the rest of the money – until the end of March 2019 year. But the box office of the Department is still a big hole, though, that the ZUS has already flowing money from the Open Pension Fund (after the reform, which came into force in 2014).

Redemption. It must be

– There is no chance for it to repay the loan ZUS – repeats Sawulski Jacob, an expert of the Institute for Structural Research and an economist at the University of Economics in Poznan. – The only solution is to just annexing contracts and postponing repayment of the loan. In the long term, it is their redemption. This must happen – he tells us Jacob Sawulski.