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The acronym EPS stands for Extra-Professional Social Security. This is a system that provides benefits to those individuals who work in the informal labor economy in countries like Colombia, Peru, and Mexico. In these countries, EPS covers a variety of benefits, including health insurance, financial aid, and social security. EPS is designed to help those who are considered to be in the informal labor market, meaning that they are not covered by other forms of social security.

The most important benefits provided by EPS are health insurance and financial security. Many individuals who work in the informal labor market do not have access to health insurance. EPS provides them with access to health services and financial assistance for medical expenses, including hospital visits, lab tests, and medication. This provides greater access to medical services for those who most need them. Furthermore, EPS also provides financial aid for those who are unable to cover their living and working expenses, providing a lifeline for those who find themselves outside the formal economy.

Moreover, EPS also provides social security for those who are not covered by other forms of social security. This ensures that individuals in the informal labor economy have access to retirement savings and other pension and social welfare benefits. This helps ensure that individuals are able to maintain their quality of life after leaving the labor market and can enjoy a comfortable retirement.

In short, EPS provides an important safety net for those individuals who do not have access to the same benefits as those in the formal economy. By providing access to health care, financial aid, and social security, EPS helps to bridge the gap between those with and without access to these benefits. While the system is in its infancy, it is already making positive changes and improving the lives of those who are not formally a part of the labor economy.