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Proposal to increase years of work for retierement in Ecuador

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Quito, Jul 3 (Prensa Latina) The commission created to study possible reforms to the pension system of the Ecuadorian Social Security Institute (IESS) will propose to increase from 30 to 35 the number of years of work to qualify for retirement.

The team, appointed in January by the President of the Republic, Guillermo Lasso, will present its recommendations to the President this Monday, after more than five months of analysis.

Amidst criticism from social and union organizations, the group led by Augusto de la Torre, former head of the World Bank for Latin America, was in charge of evaluating how to make disability, old age and death insurance sustainable.

According to Teleamazonas Channel, the group will present, among its proposals to reduce the deficit of the pension system, the gradual increase of the number of years to determine the amount of the pension to be received.

Likewise, they will suggest to the President a readjustment in the minimum age and a greater number of years of contribution to retire, as well as changes in the table to calculate the pension and modifications to encourage voluntary affiliation.

The United Workers’ Front (FUT) has been warning since January of a possible maneuver by the Government to hand over pension funds to private companies and avoid its millionaire debt with the IESS.

Attempts to modify the social security system did not advance in the legislature so President Lasso decided to create the aforementioned commission, the FUT pointed out at that time.

For the vice-president of the Association of Affiliates, Retirees and Pensioners of IESS, Henry Llanes, the intention of these reforms is to increase the years of contribution and the changes will affect the next generations.

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