Ecuador and Spain outline pension payout formulas for retirees

In Ecuador, the Instituto Ecuatoriano de Seguridad Social (IESS) calculates retirement benefits using three variables: the worker’s age, the average of the five highest salary years, and total contribution time. Eligibility starts at age 60 with at least 10 years of contributions, and the pension amount is determined by a coefficient applied to the averaged salaries, with detailed tables showing how longer contribution periods increase the payout.

In Spain, the 2026 pension for workers with 25 years of Social Security contributions will be 73.78 % of the regulatory base, which is the average of the last 25 years of contributions. For a base salary of €1,800, the monthly pension would be about €1,138 before taxes. The legal retirement age is 66 years and eight months, and a minimum pension of roughly €1,100 per month is guaranteed for those whose calculated amount falls below that threshold. The system also adjusts for gender gaps and other supplements.