Parties agree first step towards pension reform

Representatives of the main political parties have agreed to vote for a reserve pension fund ahead of next year's elections. The fund is aimed at covering a future shortfall in pension costs caused by the aging population and low birth rate. There was also agreement to preserve the current continual system of pension funding and on the need to gradually increase the age of retirement. However, major differences remain over how much of the pension should be guaranteed by the state.

Author: Ian Willoughby