Transfer of funds to Biess is being processed

The Superintendency of Banks will carry out audits in the next six months to 54 pension funds to define the state percentage (employer) and the private (participants) of each, and thus determine the amount that would go to the Bank of the Ecuadorian Institute of Social Security (Biess).

President Rafael Correa would also have opened the possibility that the existent state part in these funds should be returned to the State.

After a meeting with the President on Sunday, delegates were optimistic about the future of the draft law that is pending in the Assembly and that seeks to transfer the managing of the funds to Biess.

Delegates highlighted that the reality of each fund is different. They note that as some have between 10% and 15% of state origin resources, others do not have any employer contribution that was made until 2008. This, they say, would be because retirement or severance funds have already been paid or this funds  ” were pulverized” due to dollarization.

Juan José Castelló, from the Teacher´s Staff Fund, spoke about the specific case of teachers. He noted that none of the senior officials present at the meeting, including the Banking Superintendent Pedro Solines, could demonstrate that the Teacher´s Staff Fund has money from state sources, so that even the President would have told them it remained as a pending task to do.