Author: Enrique Saenz | Confidencial | Havana Times.
Image: The headquarters of the Nicaraguan Social Security Institute. Photo: Carlos Herrera / Confidencial
HAVANA TIMES – The brutal blow that the regime has just given to Nicaraguans with the new social security reforms must be fully appreciated in light of its causes and background.
When Ortega took office in 2007, the INSS finances registered a surplus of 1.7 billion córdobas. . That is to say, the income that the institution received through the contributions of employers and worker contributions surpassed the expenses by 1.7 billion Córdoba’s. [1 USD = approx. 33 Córdobas]
By November 2018, the situation had been drastically reversed. The surplus had transformed into a deficit of 2.7 billion Córdoba’s. Expenses now far exceed income. Let’s see some of the reasons for that deficit.