Retirement is one of the rights that every employee has after completing a long period of work. In Ecuador, this is established in the Ecuadorian Social Security Institute (IESS) for those who contribute to it.
At the private level there are also entities that allow you to create an accumulation fund.
How to process the IESS retirement and find out if the retirement requirements are met?
The IESS defines its pensioners as affiliates who meet the conditions to retire either due to invalidity, disability or old age.
In the case of retirement for disability, it is an early benefit that is given to the insured for a common or general illness that causes physical, functional or mental alteration and “is incapacitated to procure it temporarily or permanently, through a work in proportion to their capacity, strength and theoretical and practical training”.
In case of being an active affiliate, this benefit is required to have a minimum of 60 deposits (months worked) of which six must be, at least, immediately prior and consecutive to the disability.
IESS: what is the maximum value that a person can receive for retiring in Ecuador?
On the other hand, the insured who is unemployed can choose when his “incapacity to work occurs within two (2) years after the termination, and provided that he has a minimum of 120 monthly deposits.”
With old-age retirement, the affiliate must meet a certain number of deposits and the necessary age to request it.
These are the conditions:
- 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. (YO)
Source: Eluniverso
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