site.btaTripartite Council to Discuss Social Insurance Code Amendments

The National Council for Tripartite Cooperation (NCTC) 0f the government, trade unions and employers will be meeting Monday at the Council of Ministers to discuss a draft bill to amend and supplement the Social Insurance Code, submitted by the Minister of Finance, said the government press office. The amendments introduce a multi-fund model in the capital-funded pension pillars.

The aim of the changes is to allow the creation of sub-funds with different investment profiles, giving insured persons the option to decide whether their savings should be managed more dynamically in pursuit of higher returns, or according to a balanced or conservative approach. Savings in individual accounts remain personal and guaranteed and are the insured persons’ own funds, similar to accounts in the banking system, the Finance Ministry said.

The upcoming meeting of the tripartite partners will be the first for the year. The last NCTC meeting in 2024 was held on December 8.