2024-02-13 23:43:18
If you are affiliated with Ecuadorian Institute of Social Security (IESS) and you meet the requirements for retireyou will receive a monthly pension that is calculated based on three factors.
Your age.
The number of years of contributions.
The average of your five best years of salary.
The IESS allows members to retire from 60 years old and with a minimum of 30 years of contributionsa figure that can change depending on the retiree age. If you meet these conditions, you will only receive the 75 % of the average of your best salaries.
Instead, If you contributed for forty years or more, you will receive 100% of the average of your best salaries. But it is considered that there are limits.
For 2024, the IESS decreed the minimum and maximum values that pensioners can receive. He established minimum payment is 230 dollarsMeanwhile he maximum is $2,530.
These are the other values corresponding to this year:
Minimum IESS pensions for 2024
| Ranges of years contributed | SBU percentage | Minimum pension 2024 |
|---|---|---|
| Up to 10 years | 50 % | $ 230 |
| 11 to 20 years | 60 % | $ 276 |
| 21 to 30 years | 70 % | $ 322 |
| 31-35 years | 80 % | $ 368 |
| 36-39 years | 90 % | $ 414 |
| 40 years and more | 100 % | $ 460 |
Maximum IESS pensions for 2024
| Ranges of years contributed | SBU percentage | Maximum pension 2024 |
|---|---|---|
| 10-14 years | 250 % | $ 1.150 |
| 15-19 years | 300 % | $ 1.380 |
| 20-24 years | 350 % | $ 1.610 |
| 25-29 years | 400 % | $ 1.840 |
| 30-34 years | 450 % | $ 2.070 |
| 35-39 years | 500 % | $ 2.300 |
| 40 years and more | 550 % | $ 2.530 |
The IESS regulations also state that A member who turns 65 can retire with just 15 years of contributions. It also establishes that someone who is 70 years old and made a 10-year contribution can retire with an IESS pension. However, in both cases, the pension will be lower. In the first case, at 15 years old you receive 56.2% of the average best salaries; in the second, 10 years old, only 50%.
Y a person who contributes for 40 years, that is, from the age of 18 You can retire at 58 years old. (I)