Economy & Business, Volume 10, 2016

Rezumat: Demographic aging of the population in economically developed countries (including Poland) and significant changes in the labour market (delayed start period of work associated with longer average education period, periods of activity interspersed with periods of unemployment, etc.). - it all creates a very serious challenge to pension systems, which should provide for the maintenance of older people at the end of their professional activity. Pension systems in most countries of the world (including Poland) have lost the ability to self-financing and require funding from the state budget. Therefore construction which institutional and economic functioning of the mechanism of pension systems have a very significant impact on the public finances, they can heat their stability. Attempt to respond to these challenges have been pension reforms introduced in most European Union countries at the turn of the XX and XXI century and in different variants still continues. The aim of this article is to analyze and assess the impact of pension reform in Poland on the current and projected state of the public finance. Polish pension reform and its financial consequences will be confronted with the similar problems of pension reforms in selected CEE countries.