For more news visit ☛ english.ntdtv.com In Bolivia, the pension system has been managed by two private funds for more than a decade. But now the Bolivian government and workers' unions have reached an agreement -- to nationalize and broaden the pension system. This is one of the most ambitious reforms of Bolivian President Evo Morales. The bill has been completed after four years of negotiations. It includes lowering the retirement age from 65 to 58 -- earlier for miners and mothers. Morales asked that the new system be approved in the coming weeks in the legislative assembly. Finance Minister Luis Arce Catacora says that a "Solidarity Fund" will be created, to replace private funds next year. [Luis Arce Catacora, Finance Minister, Bolivia] "Our proposal for the Pension Law first establishes a Solidarity Fund that did not previously exist. This is going to help low-income workers. With the state participating in its role as distributor people who used to retire with low income will now be able to have a decent income." The contributions to the Solidarity Fund will come from those earning more than two thousand US dollars a month. Catacora assures a smooth transition to the publicly run pension system over the next year. This system will be independent of the government, and will report to the national assembly and union groups. There were no immediate comments from the private pension groups, the Spanish BBVA and Swiss Zurich. [Evo Morales, Bolivian President]: "It is an ...