The presidential draft to lower the retirement age in Poland states that it will cost the Polish economy 40 billion zloty (€9.46 billion) between 2016 and 2019.

The cost has been calculated from instantly creating another 300,000 pensioners.

The draft bill to lower the age of retirement in the country was signed on Monday by newly elected president Andrzej Duda. The bill, which was one of the president’s main election promises will now be sent to parliament for debate.

It states that the retirement age for men will be 65, with the retirement age for women to be 60. Duda stated that the bill allows for some to continue to work to ‘seek further professional fulfillment’ should they wish.

Duda’s bill goes against former president Bronislaw Komorowski’s 2012 plans for gradually increasing the retirement age to 67 for both men and women.

If president Duda’s Law & Justice party win next month’s general election as expected, it is very likely it will be passed in parliament.

In the current parliament headed by Civic Platform, it would come up against stiff opposition. However, the parliamentary speaker has stated it is unlikely to happen until the next parliament.

The general election is due to be held on 25th October.