All workers in a dependency relationship are affiliated with the Ecuadorian Social Security Institute (IESS) by their employer, however, this is not exclusive to them. The entity also provides membership to at least three types of beneficiaries.
Contributing to the IESS provides a pension upon reaching a certain age and the respective contributions.
What must be fulfilled in order to withdraw the reserve funds?
On its website, the entity explains that in a dependency relationship, the member contributes 9.45% and the employer 11.15% of the worker’s salary. This gives you benefits like:
- Health benefits.
- Retirements
- funeral assistance
- Work risks
- Health coverage for spouse and children
- maternity assistance
- Mortgage loan
The difference between this and the other affiliations is that those who are not in a dependency relationship, the contribution rises to 17.60% of the contribution base. This applies to freelancers, volunteers (Ecuadorians abroad and in the country) and unpaid work from home.
What are the IESS reserve funds for?
“Voluntary affiliates and/or under a dependency relationship will have the right to old-age retirement when they meet the requirements of age and number of impositions,” stressed the IESS. (I)
Source: Eluniverso
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
