When a person reaches the age of 60, he can already think about retirement Ecuadorian Social Security Institute (IESS). However, you must take into account the years of contributions you have made as well as the amount of your compensation.

Retirement is a lifetime pension received by the contributor and paid the following month after termination of employment.

This is the maximum salary an IESS retiree will receive in Ecuador

IESS explained that a citizen can retire regardless of age if he has 40 or more years of service, while with 360 or more contributions he can do so at age 60, with 180 contributions at 65 and at 70. 120 attachments are required.

In order to calculate the pension that will be received, the average of the five years of the best wages for which the contribution has been paid must be taken, the average of each year’s contribution will be obtained, for which twelve consecutive months will be levied. added that score to twelve. After the averages are obtained, the five years with the best salaries are selected.

Advantages of IESS member families

The result of the previous procedure is multiplied by the annual coefficient of the contributed or specified years. This will result in receiving a pension.

This is the table of coefficients for multiplication by years of contribution:

contributed Coefficient as a percentage of the average of the best 5 years of salary
5 0.4375 43.7%
6 0.4500 four five %
7 0.4625 46.2%
8 0.4750 47.5%
9 0.4875 48.7%
10 0.5000 fifty percent
eleven 0.5125 51.2%
12 0.5250 52.5%
13 0.5375 53.7%
14 0.5500 55%
fifteen 0.5625 56.2%
16 0.5750 57.5%
17 0.5875 58.7%
18 0.6000 60%
19 0.6125 61.2%
twenty 0.6259 62.5%
twenty one 0.6375 63.7%
22 0.6500 65%
23 0.6625 66.2%
24 0.6750 67.5%
25 0.6875 68.7%
26 0.7000 70%
27 0.7125 71.2%
28 0.7250 72.5%
29 0.7375 73.7%
30 0.7500 75%
31 0.7625 76.2%
32 0.7750 77.5%
33 0.7875 78.7%
3. 4 0.8000 80%
35 0.8125 81.2%
36 0.8325 83.2%
37 0.8605 86%
38 0.8970 89.7%
39 0.9430 94.3%
40 10000 100%

The IESS specified that in 2023 the average monthly pension paid is USD 700.99.