Thursday, September 21, 2017, representatives of employers, workers and retirees expressed concern about the conclusions of an International Labor Organization (ILO) report on the sustainability of the insurance schemes of the Ecuadorian Institute of Social Security (IESS for its Spanish acronym). The ILO report indicates that this year, the IESS has a consolidated deficit of USD 2 billion.
“This is a problem that we have been identifying for some time, and an ILO study ratifies it. It is not a minor issue. The IESS manages the savings for workers retirement and health insurance. This is at risk,” said Patricio Alarcón, president of the Quito Chamber of Commerce. (I)