Fund deficit would be $ 208 billion in 2053

Image: El Universo

El déficit actuarial del Instituto Ecuatoriano de Seguridad Social (IESS), que consiste en los recursos que debería tener el fondo de pensiones para cubrir las jubilaciones de sus afiliados hasta el 2053 (traído a valor presente), sería de $ 208.841 millones, según el informe de la empresa Volrisk, contratada por la institución para definir la viabilidad de cambio de la estructura de los aportes.

With the approved changes, that deficit would “improve,”but it would continue at high levels: $ 196,748,000. Volrisk reports: “The exchange rate is feasible, but the sustainability of the system, with or without changes in contributions is not in the medium and long term.”

The calculation is done considering the elimination of the 40% contribution, the contribution granted by the state to the IESS; this obligation was replaced by a commitment to pay in the future.

Another expert company, Clerk, that made its calculations in December 2010, indicated that without the the 40% contribution, the deficit of the State would reach $ 71,000 million.

Carmen Corral, former mayor of Social Security, calculated that the deficit pointed out by Volrisk represents “more than twice the GDP of Ecuador.”
Source: http://www.eluniverso.com/noticias/2015/11/19/nota/5248839/deficit-fondo-seria-208-mil-millones-2053