The member who meets the requirements for termination, age and time of contributions to the IESS, has the right to receive a lifetime monthly pension of retirement old agethe same that is paid from the first day of the month following the one in which the insured person ceased employment.
Among the requirements that must be met to generate the application is not having loans in arrears with the institution, as well as qualifying with a minimum age and service, such as:
- 60 years of age and 30 years of contribution.
- 65 years of age and 15 years of contribution.
- 70 years of age and 10 years of contribution.
- 40 years of contribution without minimum age requirements.
According to the Twenty-seventh Reform Provision of Resolution CD 554, the basis for calculating the transition regime pension will be equal to the average of the five years of better wages or salaries on which it was contributed.
What rights does an employee who turns 20 in a company have?
The average of each year of contributions will be obtained, for which twelve months of consecutive impositions will be added and that result will be divided by twelve. Once the averages are obtained, the five years with the best wages or salaries on which they contributed will be selected.
In addition to the twelve incomes, the pensioner receives the thirteenth pensionin the month of December of each year, which is the result of the sum of the monthly pensions received during the year divided by twelve.
These are the maximum values ​​corresponding to 2023:
| Contributed year ranges | SBU percentage | maximum pension |
|---|---|---|
| 10-14 | 250% | $1,125 |
| 15-19 | 300% | $1,350 |
| 20-24 | 350% | $1,575 |
| 25-29 | 400% | $1,800 |
| 30-34 | 450% | $2,025 |
| 35-39 | 500% | $2,250 |
| 40 and over | 550% | $2,475 |
Employer retirement
In Ecuador they can also access the employer retirement. This consists It is a lifetime pension that the worker receives from the employer after having provided his services continuously or uninterruptedly for 25 years or more. This right is framed in article 216 of the Labor Code and can be collected in two ways.
The first is a monthly pension until death the retiree and up to a year later collect their heirs.
The other way is receive a single payment through the Global Retirement Fund, which cannot be less than 50% of the unified salary that the person received multiplied by the number of years of service. No discount is applied. (YO)
Source: Eluniverso
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