The Phaserl


Ecuador Socializes Private Pension Funds

by Professor James Tracy, The Sleuth Journal:

Workers will be obligated to surrender their life savings to the government.

Teachers and other unionized workers have had to provide the Bank of the Ecuadorian Institute of Social Security (Biess) savings they have accumulated on their own to improve their lousy public pensions.

The teachers’ pension fund is the most significant, with $405 million saved in 23 years by 126,000 teachers. That is why they are the ones denouncing the arbitrary nature of the government’s demand to surrender their hard-earned money. The confiscation of their funds was approved by the Monetary and Financial Code adopted last September by the National Assembly.

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2 comments to Ecuador Socializes Private Pension Funds

  • aa

    Well there goes Ecuador’s safe haven status. For years International Living has trumpeted Ecuador as the number one retirement haven and I have often seriously considered retiring in Ecuador, but as I have been increasingly thinking there are no safe havens.

  • Ed_B

    Wherever there is government, so too lies a threat to life, liberty, and wealth.

    Yes, you can quote me on this. 😉

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