When a person reaches the age or the necessary contribution time, they can choose to retire, for which they will receive a monthly pension for life. This only occurs in the Ecuadorian Institute of Social Security.
The retirement pension is granted from the first day of the following month in which the insured person left the job or jobs. Among the requirements that must be met to generate the application is not having loans in arrears with the institution, as well as qualifying with a minimum age and service, such as:
- 60 years of age and 30 years of contribution.
- 65 years of age and 15 years of contribution.
- 70 years of age and 10 years of contribution.
- 40 years of contribution without minimum age requirements.
Hiring costs, alimony, traffic tickets are increased along with the new salary of $ 450
In Resolution CD 300, approved in January 2010, the minimum and maximum pension tables were established according to the current basic salary. In the same way, it is required to comply with the maximum time to have the highest value.
These are the maximum values corresponding to 2022:
| Contributed year ranges | SBU percentage | maximum pension |
|---|---|---|
| 10-14 | 250% | $1,062.50 |
| 15-19 | 300% | $1,275.00 |
| 20-24 | 350% | $1,487.50 |
| 25-29 | 400% | $1,700.00 |
| 30-34 | 450% | $1,912.50 |
| 35-39 | 500% | $2,125.00 |
| 40 and over | 550% | $2,337.50 |
These are the maximum values corresponding to 2023:
| Contributed year ranges | SBU percentage | maximum pension |
|---|---|---|
| 10-14 | 250% | $1,125 |
| 15-19 | 300% | $1,350 |
| 20-24 | 350% | $1,575 |
| 25-29 | 400% | $1,800 |
| 30-34 | 450% | $2,025 |
| 35-39 | 500% | $2,250 |
| 40 and over | 550% | $2,475 |
Source: Eluniverso
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