Analysis of the retirement pension financial system and its reforms

Abstract

The main objective of this research is to analytically, precisely, and concisely understand the origin of the retirement pension system in Ecuador, its evolution through the years, and the numerous reforms that have shaped what we now call the Ecuadorian Institute of Social Security, governed by the Social Security Law. By comprehending this, I will use comparative law to explore how our Ecuadorian retirement pension system compares to the Spanish retirement pension system. Despite recent reforms aimed at improving its sustainability, they still have different contribution systems. The research allows us to conclude that the deterioration caused over the years by numerous factors highlights a demanding structural change needed in our social security retirement system.