In Ecuador, workers in a dependency relationship are affiliated with the Ecuadorian Institute of Social Security (IESS), for which they make a monthly contribution to the entity.
Those who voluntarily join the institution also participate in this.
So you can calculate what you would receive when you retire in Ecuador
The IESS specified that to access the retirement pension it is necessary to meet the age requirements and the number of deposits.
| Age | impositions | years of contribution |
|---|---|---|
| no age limit | 480 or more | 40 or more |
| 60 years or older | 360 or more | 30 or more |
| 65 years or older | 180 or more | 15 or more |
| 70 years or older | 120 or more | 10 or more |
The entity indicated that to calculate what your pension will be, you must obtain the average of the five years of the best wages or salaries you contributed, from here you must obtain a monthly average.
To that value you must multiply with the coefficient number specified in the Article 13 of Resolution CD 100 Amount of Benefits, according to the years of impositions that it has. The resulting value will be the initial rent.
IESS: what is the maximum value that a person can receive for retiring in Ecuador?
As an example, if a person has obtained 800 dollars a month for five years of better salaries and has 30 years of contributions (minimum to retire at age 60) you would multiply that value by the coefficient 0.75 which gives you a monthly total of $600.
In the current regulations (Resolution CD 300) minimum and maximum pensions are established, according to the time contributed, in proportion to the minimum unified basic salary of the worker (SBUM). (YO)
Source: Eluniverso
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
