The bill will be based on the pension reform plan that was rejected in a 2011 referendum (and which Vizjak's party had opposed). The "issues that caused conflict with the social partners" will be excluded, Vizjak told Monday's edition of the paper.

As a first step, early retirement will be "severely limited", whereupon the retirement age will start rising. "We can no longer turn a blind eye to demographic trends...We have to change retirement conditions, especially early retirement."

Vizjak did not delve into the details of the proposed legislation, but he suggested some solutions which had been rejected in the referendum will have to be even harsher. "Truth be told, the situation has deteriorated...We will probably not be in the clear with solutions that had been proposed two years ago."

The pension reform will also include supplementary pension insurance. "We want to promote supplementary insurance and make sure it is actually allocated for pensions. Early withdrawals [from pension accounts] run contrary to that notion," Vizjak said.

In order to improve transparency, indicative individual pension accounts will be introduced so that everyone can check the balance of contributions. "This will also improve oversight," Vizjak said in reference to rampant non-payment of contributions by struggling companies.

The bill will be put to the government by the end of the month along with reform bills on employment relationships and the labour market, according to Vizjak.