As the years go by, workers in a dependency relationship analyze what values they will receive from the Ecuadorian Social Security Institute (IESS) after their years of service, when deciding to retire.
To find out the amount, the IESS, through the Pension System, has developed the “retirement simulator” computer service, which allows all those affiliated with compulsory general insurance and voluntary insurance to obtain an approximate projection of the monthly income or pension that will be able to receive at retirement.
What are the options that the employee has to access the employer’s retirement?
This system enables quick access to the insured’s work history, which facilitates permanent monitoring of their contributions.
Members of the Ecuadorian Institute of Social Security can access this “Retirement Simulator” service, from their first month of contribution and from anywhere in the world, just by entering the web portal: www.iess.gob.ec/afiliados .
For a member to be able to retire, the following requirements must be taken into account, based on the member’s age and years of contribution.
| Age | Impositions | Years of contribution |
|---|---|---|
| no age limit | 480 or more | 40 or more |
| 60 years or older | 360 or more | 30 or more |
| 65 years or older | 180 or more | 15 or more |
| 70 years or older | 120 or more | 10 or more |
established in current regulations (Resolution CD 300) minimum and maximum pensionsAccording to the time provided in proportion of the base salary of the employee unified minimum (SBUM), that this year 2022 is $ 425.
The basis for calculating the pension will be equal to the average of five (5) years of better wages or salaries on which it contributedthus obtaining the monthly average of the salaries of the five (5) selected annual periods.
What is the difference between voluntary affiliation and regular or dependency relationship?
Table of current minimum pensions
| Ranges of years contributed | SBU percentage | Minimum pension 2022 |
|---|---|---|
| Up to 10 years | fifty% | $ 212.50 |
| 11-20 | 60% | $255.00 |
| 21-30 | 70% | $297.50 |
| 31-35 | 80% | $340.00 |
| 36-39 | 90% | $382.50 |
| 40 and over | 100% | $425.00 |
Table of current maximum pensions
| Range of years contributed | SBU percentage | Maximum pension 2022 |
|---|---|---|
| 10-14 | 250% | $1,062.50 |
| 15-19 | 300% | $1,275.00 |
| 20-24 | 350% | $1,487.50 |
| 25-29 | 400% | $1,700.00 |
| 30-34 | 450% | $1,912.50 |
| 35-39 | 500% | $2,125.00 |
| 40 and over | 550% | $2,337.50 |
The number of total deposits recorded will determine the coefficient for calculating the rent, according to the table specified in Art. 13 of Resolution CD 100 Amount of Benefits.
Finally, the average remuneration is multiplied by the coefficient and the resulting value is the Initial Rent.
General requirements to apply for retirement
- Meet the age and length of service required.
- Be unemployed with all employers and register the notice of departure.
- Not be in default with the IESS, as an employer.
- The contributions of the month that ceased must be paid before the 15th of the following month.
- Active and personal bank account, registered in the System of Labor History. (I)
Source: Eluniverso
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