One of the challenges of the new president of the IESS Board of Directors, Eduardo Peña, will be to face the liquidity crisis of the Pension Fund.
Eduardo Peña, new president of the IESS Board of Directors. Archive photo from 2012.
Guayaquil businessman Eduardo Peña Hurtado will chair the Board of Directors of the Ecuadorian Social Security Institute (IESS), which is facing a liquidity crisis for the payment of pensions.
Peña will replace the delegate of former President Guillermo Lasso, Alfredo Ortega, who was in office since June 2022, and will have to face the crisis that Ecuadorian social security is experiencing.
Eduardo Peña Hurtado has experience in the business world. He was president of the Guayaquil Chamber of Commerce from 2010 to 2014. On his LinkedIn, Peña also mentions positions at the insurance company Cóndor.
Former President Guillermo Lasso left the Government of Daniel Noboa a draft law to address the Pension Fund crisis.
And one of Peña’s tasks will be to address the lack of liquidity for pension payments.
Income from contributions is not sufficient to meet the payment of these obligations, as warned by the employers’ member of the IESS Board of Directors, María de los Ángeles Rodríguez, to the Ministry of Finance, in August 2023.
Although the IESS has not stopped buying bonds from the State in 2023, the Ministry of Finance only paid the contribution to pay 40% of retirees’ pensions until May 2023.
