Unemployment rates have been relatively stable in Ecuador over the last few years, with a small outlier of 5.2% in 2016. In 2017, the unemployment rate decreased to 4,1% and in 2018 the number decreased a bit further to 4%. In Quito, the unemployment rates are a bit higher: 7,8% in 2017 and 8,8% in 2018.
Benefits
When you get fired, your company may be obliged to pay you a set amount of money, depending on your salary and the time you have worked for the company. If you were fired without good reasons relating to your work performance, for which the employer has to build up an extensive file, the compensation the company has to pay you is as following:
- Three months of salary, in case you have worked up to three years at the company, or;
- One month of salary for each year you have worked at the company, with a maximum of 25 months of compensation.
How to Claim a Benefit
In case you are not sure your ex-employer is complying with the law or you are not sure what the law is, for example in case the company goes into liquidation, the best option is to hire a lawyer who is specialized in labor law.
Update 24/01/2019
Keep more of your money when transferring funds overseas!
If you want to move money abroad, from Ecuador or to Ecuador for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Why Fexco
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Main characteristics
Fexco will help you to keep your overseas money transfer costs to a minimum.
| Margin | 0.6% |
|---|---|
| Regulator | FCA |
| Fee | £10 < £5K or Free > £5k |
| Mini | £1K |
| Ccy | All (130 currencies, incl ‘exotics’) |
| Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
Get an online quote today
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.