The second wave of employers to implement PPK – there’s not much time left
The first group of employers is obliged to launch their Employee Capital Plans by October 25. At many large companies, last preparations for the change are underway. Another group of entrepreneurs - those employing at least 50 staff as of June 30 - will be covered by the obligation to establish PPK from January 1, 2020. Will the implementation of PPK at these employers’ companies be less labour-intensive? In fact, far from it - after all, the obligations are identical. Therefore, it’s wise to start preparing now instead of waiting until January 1.
Below is a list of actions worth taking before the end of 2019:
- Choice of representatives of people employed wherever trade unions don’t operate - it’s advisable to develop regulations and conduct elections of employees’ representatives. The representatives together with the employer select the financial institution that will manage the funds accumulated under the PPK. It’s important to remember that a financial institution cannot be selected before January 1, 2020. In addition, typical employee representatives or an employee council are not competent in the PPK field.
- Communication to employees - as employees’ interest in the subject of PPK will grow, it’s advisable to develop communication activities oriented towards providing information about the main principles of PPK; knowledge in abundance doesn’t (usually) give one a headache.
- Selection of a broker - a comparison of financial institutions’ offers requires professional expertise. Given that, it’s recommended to ensure the support of a specialist in the form of a broker, who will help you make a decision with respect to the financial institution to manage the PPK participants’ funds.
- Support from lawyers - specialists in the field – as the inexactitude of the PPK Law is legendary. This is attested to by our experience with a number of projects we have carried out for the biggest employers - even financial institutions and the Polish Development Fund often disagree with each other. On top of that, there’s a tendency to transfer additional administrative obligations to employers under the PPK system. Proper support makes it possible to identify all these issues and take care of the employer’s interest over the whole process of PPK implementation.