Affiliates to the Ecuadorian Social Security Institute (IESS) can access a monthly retirement pension after completing a few years of impositions and being old enough to do so.
This value allows the retiree to be able to solve himself in case of not returning to work since it is the result of the effort made in previous years.
IESS: the value you would receive if you retire at age 60
The institution specifies that the requirements to be able to access retirement by retirement must be:
| 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 |
In order for a person to estimate how much a pension is due, it must be taken into account that there is a maximum and minimum value that a person can receive and that it is aligned with the basic salary as well as the years of contribution.
In 2022, the minimum value to receive was $212.50 (50% of the basic salary) for someone who has contributed up to 10 years, while those who contributed more than 40 years were $425.00 (one salary). Regarding the maximum values, in the case of 10 years of contributions up to $1,062.50 would be received, while with more than 40 years of contributions up to $2,337.50.
In 2023 these values will vary since the basic salary was established at $450.
The maximum retirement pension of the IESS is 2,337 dollars; Who can access it in Ecuador?
The IESS specified that the calculation of the pension will be equal to the average of the five (5) years of better wages or salaries over which they contributed, which allows obtaining 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. (YO)
Source: Eluniverso
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