In order to retire in Ecuador and receive the benefits stipulated by law, the worker must meet the requirements for termination, age and time of contributions to the Ecuadorian Institute of Social Security.
The Life penssion It is one of the rights of retired people, and it is calculated with the average of the sum of the best salaries of five years of their work history, multiplied by a coefficient that is related to the years of contributions.
To apply for retirement, the following must be met:
- 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.
retiree benefits
- unsecured loan
- Mortgage loandepending on the ability to pay, according to the monthly income you receive.
- Health coverage. General and comprehensive medical assistance: preventive, curative, surgical, pharmaceutical and rehabilitation. Home visits and ambulance service.
- Health coverage for the wife or partner. Whenever you request the discount of 4.15% of the pension you receive from the IESS.
- Medical care for children. With the discount of 3.41% of the monthly income, the son of the retiree, up to 18 years of age, has the right to receive health benefits.
- Best Increase. The retiree who turns 70 years of age and retired with 35 years of contributions is entitled to a better increase in his pension.
When the retiree dies, it generates the right to monthly income for the widow or cohabitant and for children under 18 years of age or disabled children without age limit, who have been in charge of the retiree. Likewise, they have the right to help with funerals.
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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