When a person reaches the age of 60 and has paid contributions to the Ecuadorian Social Security Institute (IESS) for several years, he has the option of retiring, or receiving a pension for the rest of his life.

To calculate the amount of pension that a person will receive, at least three factors must be taken into account: the retirement age, the years of contributions and the average salary in the five best years. These factors are combined to arrive at the pension amount.

What should I do if my employer does not pay me contributions to the IESS?

Although, in accordance with current regulations, To calculate the pension, the average of the five best years is taken, what will be received It will be a percentage in relation to the number of years of contributions and a table made for this purpose with a coefficient that can be read precisely as a percentage.

So, The minimum retirement age in Ecuador is 60 years, with the condition that 360 contributions have been paid, i.e. 30 years of service. If the member meets these conditions, he will receive only 75% of that average. A member can receive 100% pension if he reaches 40 years of service (480 contributions).

Table of coefficients according to years of work:

Age contributes 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%

IESS specified that people can find out how much their approximate income will be in the following way: