The platform to apply for the newly created unemployment insurance is already operational in the Ecuadorian Institute of Social Security (IESS), which until last week had received, 1,300 applications nationwide.
The insurance was created by the Organic Law for the Promotion of Youth Work, Exceptional Regulation of the Working Day, Severance Fund and Unemployment Insurance, into effect since March 28.
Its funding, which was discussed before its adoption, comes from the 3% redistribution of the workers and employers contrubutions to the severance fund. Now 1% of the employer´s contribution goes to a solidarity fund and 2% to an individual account for the workers.
According to the IESS, 300 applications submitted have already been processed and deposits have begun to be made.
The amount depends on the worker´s salary during the past year and the option he chooses when requesting this insurance. The www.iess.gob.ec website, has two options in the Unemployment Insurance: unemployment insurance plus severance pay or severance pay alone.