During his working life in Ecuador, the worker makes contributions to the Ecuadorian Social Security Institute (IESS) through his employer.
When the years of work as well as the minimum contributions are completed, the citizen can decide to retire and receive a pension for life.
The basis for pension calculation is equal to the average five years of better wages on which. For the calculation, it is multiplied by the annual coefficient of paid or paid years.
This is the minimum and maximum that a pensioner will receive in 2024
In resolution CD 300 of the IESS, the minimum and maximum payment that the contributors will receive is determined in accordance with the current basic salary.
As they state in the entity, in order to receive an old-age pension, it is necessary to make at least 120 contributions, but one more condition must be met, which is reaching 70 years of age.
These are the years and contributions required for retirement:
| Age | Impositions | Years of contribution |
|---|---|---|
| Unlimited | 480 deposit or more | 40 or more |
| 60 years or more | 360 impositions or more | 30 or more |
| 65 or older | 180 impositions or more | 15 or more |
| 70 years or more | 120 impositions or more | 10 or more |
How much can I now receive in retirement from IESS according to my age and the years of paid contributions?
A person who pays contributions for 40 years, i.e. from the age of 18, can retire at the age of 58. If you start working at 30, you can retire at 60 and you will need fewer years of contributions.
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.
