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.





Comments

Post a Comment

Popular posts from this blog

2nd Bac - Employment in the Market

Image
 The market supply and demand functions for a given good are:   You are asked to: 1. Calculate the equilibrium price and quantity. 2. Explain what would happen if P = 170, and if P = 110. 3. Make the graphical representation of the two previous questions.Remembering that we must always indicate clearly: - The titles of the axes - Equilibrium price - Excess demand and excess supply - Legend - The scales must be well proportioned and have to be in relation to the data in the table. data in the table.  https://www.youtube.com/watch?v=Srg5iAp68rw&ab_channel=InLecture The market It is a social institution where sellers and buyers interact. The plans of those who are going to sell are embodied in the SUPPLY curve, while the plans of those who are going to buy in the supply curve, while the plans of those who are going to buy in the demand curve. DEMAND curve. Supply and demand determine the price and quantity. Classification of markets The market is the economic scenario wh...
Read more

1st Bac -Basic Profit and Loss Statement

Image
Basic Profit and Loss Statement Another instance that takes part of the final step is the generation of the profit and loss statement. In which it shows the profit or loss generated by the entrepreneurship according to income, cost and expenses.   Characteristics of the Profit and Loss Statement The profit and loss statement is a financial report that summarizes, only for a period of time called accounting period (month, trimester, semester or year). The accounts of income, costs and expenses that make part of this statement; at the end of the accounting period are emptied and at the beginning they will start at zero. In the case of the balance sheet, it does not restart.   Importance of the Profit and Loss Statement When the entrepreneur needs to know the value of the profit or loss that the project is generating. Also known as the result balance, it is the addition and subtraction of incomes, costs and expenses. It is important for the entrepreneur to know the development of...
Read more

1st Bac - The Entrepreneurship Ecosystem

Image
  https://youtu.be/mW6dGqp4YYQ The entrepreneurship ecosystem 1. What is an entrepreneurship ecosystem? 2. Stability 3. Activity  4. Entrepreneurs 1. What is an entrepreneurship ecosystem? An entrepreneurship ecosystem is an economic, social, and cultural environment comprising multiple stakeholders involved in or benefitting from concentrated activities related to entrepreneurship. These stakeholders are individuals, organizations and institutions across the private and the public sector such as entrepreneurs, investors, government, military, aid agencies, universities, research centres, professional services firms, local communities, and many more. The activities carried out by the stakeholders are largely geared towards facilitating entrepreneurship in a wider sense. Although these activities are not following a concerted approach they are interrelated. Entrepreneurs and investors represent the nucleus of an entrepreneurship ecosystem around which everything revolves. 2. St...
Read more