When a person reaches a certain age and has contributed enough years to the Ecuadorian Social Security Institute, they are entitled to a lifetime pension.
The basis for calculating the pension will be equal to the average of the five years of the best salaries for which it was paid. For the calculation, this is multiplied by the annual coefficient of the contributed or specified years.
IESS: Questions and answers every member should know about applying for a pension
Resolution CD 300 of the IESS established the minimum and maximum payment that contributors will receive according to the current basic salary. In the same way, it is necessary to adhere to the maximum time in order to achieve the greatest value.
For 2023, the established minimum payout is $225, and the maximum payout is $2,475. These are the other values ​​corresponding to this year.
| Year ranges contributed | SBU percentage | maximum pension |
|---|---|---|
| 10-14 (display, other). | 250% | 1125 dollars |
| 15-19 (view, professional). | 300% | 1350 dollars |
| 20-24 (display, other). | 350% | 1575 dollars |
| 25-29 (display, other). | 400% | 1800 dollars |
| 30-34 (view, professional). | 450% | 2025 dollars |
| 35-39 (view, expert). | 500% | 2250 dollars |
| 40 and over | 550% | 2475 dollars |
How to apply for old-age pension?
1. Go to the IESS website and enter the section VIRTUAL PROCEDURES – INSURED PEOPLE – PENSIONERS – RETIREMENT.
2. On the specified page, enter the ID number and your IESS password.
3. The institute notes on its website that the approval of the request takes two minutes and that the payment will be made automatically to the registered bank account in approximately 15 days.
Source: Eluniverso
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
