1st Bac. Calculate IESS Retirement Pension

 Calculate IESS Retirement Pension


How to calculate IESS Retirement Pension. All affiliated employees are entitled to receive their IESS retirement pension, once they meet the requirements. Old age retirement is a right that all members have. 

How to calculate the IESS retirement pension?

The basis for calculating the pension is the average of the 5 years with the best wages/salaries with which contributions were made. On this basis, the average for each year of contributions must be calculated using the following formula. Annual average is equal to the sum of annual remunerations divided by twelve.

calculo

This formula will be applied to obtain the average of each year of contributions. These must have 12 months of consecutive contributions.

Once these calculations have been made, the 5 years with the best salaries or wages for contributions to the IESS must be chosen.

pesion iess

Once the 5 years with the highest average have been defined, the 60 monthly salaries of each year will be multiplied. In other words, the total remuneration is equal to remuneration 1 times remuneration 2 and so on until the 60th remuneration is reached.

pension

And the result that we get in "Total Remunerations" will be the one that we apply a sixtieth root to obtain the "Calculation Base".

pensión jubilación iess

Finally, in order to obtain the pension calculation, the coefficient is multiplied by the calculation basis previously obtained.

pension jubilacionOnce finished, you will be able to compare it with the minimum and maximum pensions established by the IESS, in order to have a reference.





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