The IESS will use its savings and will sell assets to pay pensions in 2016

Image: El Comercio

The Ecuadorian Institute of Social Security (IESS) will require USD 1 738 million to pay pensions in 2016.

To cover this amount, the agency will fall back on its savings with the divestment of USD 1 588 million in 2016, and plans to sell goods and services for USD 150 million (land, buildings, etc.).

This is comprised in the IESS budget that was approved last Wednesday by the Governing Board, the regulatory council of the bank.

The agency expects that IESS expenditures in 2016 will amount to USD 7 669 million (administrative expenses). According to the document, next year the agency will receive USD 1616 million by revenue contributions for pension insurance, but the costs for these benefits double that figure by adding USD 3431 million.

Source: http://www.elcomercio.com/actualidad/iess-ahorros-pensiones-jubilados-segurosocial.html