Advanced Search

Economy & Business - July 2020

ECUADOR: Pensions reform looms as social security deficit worsens

The need to reform Ecuador’s pension system, managed by the country’s social security institute (IESS), has become increasingly urgent in the face of the coronavirus (Covid-19) pandemic. Without reform, the system’s decline into insolvency will be hastened by the loss of working IESS affiliates due to growing unemployment, and by the crisis in state finances which endangers the government’s obligatory contribution to pension pots. Faced with this prospect, reform measures - most likely an increase in active affiliates’ IESS contributions - are expected soon.

End of preview - This article contains approximately 582 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options