President Guillermo Lasso, ministers and directors Ecuadorian Social Security Institute (IESS) They already knew about the proposal of the Commission for the Reform of the Pension System prepared by the Government, which is looking for alternatives for the sustainability of the system, and some issues were under review, so the public presentation scheduled for this Tuesday was postponed to Wednesday.

A meeting was held in Carondelet this Monday, July 3, 2023, where the presentation of the basic specifications of the proposal began, and which lasted for three hours. Among the proposals is an increase in the retirement age from 30 to 35 years, while maintaining the minimum retirement age of 60. In addition, the extension of the number of prime years taken into account for the calculation of the old-age pension, which is now five and could be increased by one year each year until the age of 15 or 20. Or provide incentives for later retirement with the promise of a higher pension.

The IESS Pension Reform Commission proposes keeping the minimum retirement age at 60, but increasing the contribution years to 35

“Since this is a very technical and important issue for Ecuadorian citizens, the content of which was not known to the Government until today, there were problems awaiting revision. Therefore, the presentation scheduled in Quito for this Tuesday, July 4, is postponed to Wednesday, July 5 at 10:00 a.m. in Hall 1 of the University of the Americas (Udlapark),” the Commission reported. The event scheduled for the afternoon at the University of San Francisco is also canceled.

The commission indicated that in the last six months it has worked in a process of consultation with citizens in which it has generated about 30 meetings for analysis and discussion in Quito, Guayaquil and Cuenca, with representatives of labor and business unions, pensioners’ associations, entrepreneurs’ organizations, youth groups, women and elderly people, people with disabilities and indigenous peoples and nationalities.

How much can I now receive in retirement from IESS according to my age and the years of paid contributions?

And starting this Wednesday, it will open a national debate on a basic document that will “support the construction of legal reforms to ensure the sustainability, sufficiency and fairness of the Ecuadorian pension system.”