President Raul Castro warned Cubans on Friday to prepare for a "realistic" brand of communism that is economically viable and does away with excessive state subsidies designed to promote equality on the island. Addressing Cuba's parliament in its first session since lawmakers selected him to succeed his older brother Fidel in February, Raul Castro announced no major reforms, but suggested that global economic turbulence could lead to further belt-tightening on the island. "Socialism means social justice and equality, but equality of rights, of opportunities, not of income," the 77-year-old president said in a speech that was taped and later aired on national television. "Equality is not egalitarianism." Cuba's rubber-stamp parliament convenes for only for a few hours twice a year and rumors were rampant that Friday's session would see an easing of restrictions on travel abroad or a strengthening of wages by increasing the value of the peso, worth about 21-1 against the US dollar. The government controls well over 90 percent of the economy and the average salary is just 408 pesos per month, US$19.50, though most Cubans get free housing, health care, education and ration cards that cover basic food needs.