Amendments to the Social Security and IESS Bank law expect the executive veto

The draft amendments to the Social Security and IESS Bank law since Monday is in the hands of President Rafael Correa, who will totally or partially veto the law within 30 days, to then deliver the project to the Assembly.

The document was approved last week and points out that closed supplementary pension funds “that have received state support in origin or in any form will be administered by the IESS through its bank, through individual accounts. Their management will be subjected to safety, transparency, solvency, efficiency, and profitability principles, and to the controls and regulations of the relevant entities”.

Furthermore, it adds “that the Political, Monetary Regulation and Finance Board and the Ministry of Labour Relations in the scope of its powers, will issue regulations that apply to ensure the rights acquired by pensioners of pension complementary closed funds that manage or have managed retirement funds established in the Labor Code”.