After several years of work, a person can opt for retirement. Depending on the entity that he has contributed, he must meet certain requirements.
In Ecuador, workers in a dependency relationship and those who voluntarily decide to join contribute monthly to the Ecuadorian Social Security Institute (IESS). After completing a certain period of time or reaching a certain age, they receive life pensions and the amount will be according to the years and the contribution given.
You can also choose a retirement in case of disability.
Here are several questions and answers that may arise from the process:
From what age can I retire?
If the member retires due to old age, he must take into account the age and years of contribution:
- No age limit: 480 or more of deposits and 40 years or more of contribution.
- 60 years or more: 360 or more of deposits and 30 years or more of contributions.
- 65 years or more: 180 or more years of deposits and 15 years or more of contributions.
- 70 years or more: 120 or more deposits and 10 years or more of contributions.
What are the types of retirements that the IESS has?
The IESS has specified that affiliates, according to their situation, can opt for an ordinary retirement due to old age or disability.
The benefits received when retiring with the IESS
What happens if I stop contributing to IESS?
The IESS Portfolio Securing, Collection and Management Regulation establishes in its article 124 that if the payment is not registered in 60 days, the generation of forms will be suspended and the departure notice will be automatically registered with the date of the last month paid.
The affiliate who stops contributing and is under retirement age retains the right to the benefit in a percentage that is related to the years of contribution.
What is the maximum age to join the IESS?
There is no age limit to join the entity.
IESS: What corresponds to a worker when he retires in Ecuador?
What is the percentage that an affiliate must give monthly?
In a dependency relationship, the employee contributes 9.45% of the contribution and the employer 11.15%; in the case of voluntary affiliation the percentage is 17.60% of the taxable matter.
What happens if I do not reach 30 years of contribution?
The person must wait for the necessary age to retire, in this case reaching 65 years of age, in case of having less than 30 years of contributions.
How do I know if I can retire now?
If you do not know if you already meet the requirements, you can enter the IESS portal and enter your ID number and personal password in the Pensioner online services section and choose Retirement Application.
IESS: How is the retirement that I will receive calculated?
Are there minimum and maximum pensions at retirement?
Resolution CD 300, approved in January 2010, established the minimum and maximum pension tables that are in accordance with the current basic salary. In the same way, it is required to comply with the maximum time to have the highest value.
For this year, the maximum pension for those who have contributed more than 40 years is $2,475.
Table of minimum pensions 2023 of the IESS
| Contributed year ranges | SBU percentage | minimum pension |
|---|---|---|
| Up to 10 | fifty % | $225 |
| 21-30 | 70% | $315 |
| 31-35 | 80% | $360 |
| 36-39 | 90% | $405 |
| 40 and over | 100% | $450 |
How is the retirement that I will receive calculated?
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.
On what date does the IESS make the payment of pensions to its retirees?
The IESS has specified that pensions are paid until the 20th of each month, so that on that date, retirees should have seen the accreditation of the corresponding values in the registered bank accounts.
What benefits are lost when retiring with the IESS?
Although retirees maintain practically the same benefits as workers, there are some conditions when it comes to the issue of unsecured loans.
The IESS Bank (BIESS) details that the retiree may request an amount of up to 80 unified basic salaries, depending on their ability to pay.
How to apply for retirement at the IESS?
The person who wishes to apply for retirement You will have to complete several steps:
one. Go to the IESS website and enter the VIRTUAL PROCEDURES – INSURED – PENSIONER – RETIREMENT section.
2. In the aforementioned site, enter the citizenship card number and your IESS password.
3. The institute mentions on its website that the approval of the application takes two minutes and that the deposit will be made automatically in the registered bank account, in approximately 15 days. (YO)
Source: Eluniverso
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