They explained that it would not be an increase, but an “incentive.”
The Assistant Director-General of the Ecuadorian Social Security Institute (IESS), David Ruales announced that a “structural decision” to sustain the Fund in the future would be to “encourage” the voluntary increase in the affiliate’s retirement age.
If the State complies with the total contribution of 40%, IESS Disability, Old Age and Death Insurance would have resources to pay pensions until 2053.
Ruales said that it would not be an increase, but an “incentive” since the person who decides to voluntarily retire after his 60 years could be rewarded, making the maximum limit of his retirement not to be $ 2,200 as it is now, but an additional value.
The actuarial director of the IESS, Ramiro Vega explained that by 2028 there will be 2.8 active members for each pensioner. In 2018, the ratio was 8 to 1 respectively.
Source: Pichincha Comunicaciones
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