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Andean Group - April 2015 (ISSN 1741-4466)
Ruling coalition ruptures on pension reform
President Rafael Correa’s efforts to streamline public spending in the face of plummeting oil prices has met with political repercussions. Correa pushed through the 137-seat national assembly a contentious new law on 14 April, which includes a social security reform that will end the government’s compulsory 40% annual contribution to the Instituto Ecuatoriano de Seguridad Social (IESS). The upshot of the passage of the law was that the left-wing Avanza party abandoned an informal alliance with the ruling Alianza País (AP). Avanza’s leader, the industries and productivity minister Ramiro González, formerly the head of the IESS, also quit the cabinet over the reform.
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