Pensions, ZUS, and Savings: Key Changes at the Turn of 2025 and 2026

From December 1, 2025, to February 28, 2026,^[1] the Social Insurance Institution (ZUS) raised income limits for pensioners and disability beneficiaries, beyond which benefits are reduced or suspended. The reduction threshold, set at 70% of the average salary, amounts to 6,140.20 PLN gross per month^[3], and the suspension threshold, corresponding to 130% salary, is 11,403.30 PLN gross. Maximum reduction amounts are 939.61 PLN for pensions, 704.75 PLN for partial disability pensions, and 798.72 PLN for family pensions. These changes mainly concern people receiving early pensions and disability benefits who have not yet reached the statutory retirement age, effectively increasing the income of approximately 1–2 million working seniors^[2] and lowering the risk of benefit suspension at the same level of work.

Higher Earnings Limits for Pensioners

The year 2026 will bring significant changes for those saving for retirement. On December 22, the European Commission proposed a reform of the Pan-European Personal Pension Product (PEPP)^[4], aiming to abolish fee limits and make long-term saving across the Union more flexible. Poland is already a leader in this area – about 71% of people saving in such pension products choose PEPP^[5]. Simultaneously, domestic contribution limits will rise: in 2026, IKE will increase from 26,019 PLN to 28,260 PLN^[6] (an increase of 2,241 PLN, or 8.6%), and IKZE for employees from 10,407.60 PLN to 11,304 PLN^[6] (up by 896 PLN), with a limit of 16,956 PLN for the self-employed. Considering a long-term annual return rate of 8%, the absence of the 19 percent Belka tax could result in approximately 130,000 PLN additional profit over 20 years of investing.

IKE, IKZE, and OIPE: More Incentives to Save

A political dispute currently surrounds pension indexation for 2026. The government side proposes an increase of 4.9%^[8], which would raise the minimum pension by 92.07 PLN to about 1,879 PLN. Trade unions and Family Minister Agnieszka Dziemianowicz-Bąk demand a rate of 5.95%^[9], resulting in a minimum pension of 1,970.98 PLN. Meanwhile, President Karol Nawrocki supports a guaranteed increase amount^[9], which would mean about 8% for the lowest benefits. The differences between scenarios reach around 90 PLN monthly and 1,080 PLN annually for the minimum pension, representing about 6.3% of a senior’s annual budget if income is around 1,900 PLN. The final decision is to be made by the Social Dialogue Council.

Pension Indexation and Minimum Wage 2026

From January 1, 2026, burdens on entrepreneurs will rise significantly. The full, so-called large contribution to ZUS will amount to 1,926.76 PLN monthly^[13], an increase of 8.6% compared to 2025. This includes, among others, a pension contribution of 1,103.27 PLN (19.52% of the base), disability 452.16 PLN (8%), sickness insurance 138.47 PLN (2.45%), Labor Fund 138.47 PLN, and accident insurance 94.39 PLN. The minimum health insurance contribution will jump to 432.54 PLN^[14], from 314.96 PLN, a rise of 37.4%, due to raising the calculation base from 75% to 100%. The Small ZUS, after the relief period, will be about 456.19 PLN monthly^[15] (excluding the Labor Fund contribution). For self-employed persons and microenterprises, this is several hundred zlotys less per month in the budget, potentially leading to higher service prices or, in extreme cases, business cessation.

ZUS Contributions and Financial Market Supervision

The budgets of both employees and future retirees will also be affected by the decision of the Council of Ministers to raise the minimum wage in 2026 to 4,806 PLN gross monthly^[23], up from 4,666 PLN in 2025. This is an increase of 140 PLN, or 3%^[24], translating to about 3,531 PLN net. The minimum hourly rate will be 31.40 PLN, up by 0.40 PLN from the previous year. This change affects over 3 million lowest-wage earners^[21] and all whose ZUS contributions, benefits, and minimum pensions are calculated from this amount. Simultaneously, this is among the smallest nominal minimum wage increases in recent years and may not keep pace with the forecasted inflation of about 2.1%, implying a real slowdown in purchasing power growth.

Amid national decisions, the importance of European regulations and financial market supervision is growing. The European Central Bank maintained the main refinancing rate at 2.15%^[25] and the deposit rate at 2.0%, with growth forecasts for the eurozone at 1.2% in 2026 and inflation at 1.9%. The establishment of the Pan-European Market Operator^[26] was included in the package presented by the European Commission, including raising the activity limit under the DLT Pilot Regime from 6 billion euros to 100 billion euros and strengthening the role of the European Securities and Markets Authority (ESMA). Allowing insurers to pay out up to 100% of profits from 2024 and 2025^[27] The Polish Financial Supervision Authority approved a more conservative dividend policy for 2026, conditional on maintaining solvency ratios at specified levels, which means potentially more stable financial institutions for clients but slower profit flows to shareholders.