The current proposal sets the minimum age for retirement at 60 years with 40 years of service for both men and women, while the full retirement age without the years of service needed is set at 65.

The retirement age may be lowered - which was not possible under the initial proposal tabled by the government in early September - for women with children to a minimum of 62 with 38 years of service and to 58 with 40 years of service.

For men, military service will be taken into account, reducing the full retirement age to 63 with 38 years of service and to 58 with 40 years of service.

The number of consecutive years of highest pay for calculating the pension base was lowered from 28 in the previous proposal to 24 years.

The government's new proposal introduces a bonus in the amount of 20% of the pension for those who continue working after reaching the full years of service needed to retire, but this is only possible until a person turns 65.

One of the main issues with trade unions is the transition period for the full implementation of the new pension system, which unions want to extend beyond 2019.

Since many of the provisions are not yet harmonised with social partners, the intense negotiations on the reform, which started on 19 September, are to continue.

The proposal is expected to be amended accordingly until mid-December, when the National Assembly takes a vote on the reform, which the government hopes to get in force with the start of 2013.