The Ministry of Social Welfare and Labor, the Confederation of Employers’ Unions and the Confederation of Trade Unions have signed a memorandum on introducing reforms in the pension system. The major areas covered under the trilateral agreement are: studying different forms of pension; adopting systems most suited to local conditions; better recording of the premiums paid and easier accounting of the pension to be finally paid; ensuring a stable and independent pension fund; making new laws on how the pension fund can invest the money in it.

Foreign experts will be asked for suggestions, and foreign models studied. After final recommendations are ready, they will be submitted to the Government and Parliament for enactment of new social insurance laws.