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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