He Guatemalan Social Security Institute (IGSS) He was created October 30, 1946 through him Decree 295 of the Congress of the Republiclike one Autonomous Institution in charge of administering the Mandatory Social Security Regime in Guatemala.
With the passage of time, the IGSS has evolved in relation to Your coverage and adapt to the new work realities of the country. Among its most relevant functions is the Granting of pensions by old age, disability and Survivala benefit that is often confused with the concept of retirement.
In the age of old age, have a Monthly fixed income It is essential for the economic stability of retired workers.
Therefore, it is important that affiliates understand their condition as insuredas well as the benefits, Obligations and the process by which access to a IGSS pension.
Given the persistent confusion between the terms “pension” and “retirement”, the IGSS has reiterated that the institution It does not grant retirementbut pensionsin accordance with the provisions of the Agreement 1124 of the Board of Directors.
According to this regulation, a pension It is one Monthly economic benefit granted to a pensioner or your beneficiary with law, as long as there is a Official Resolution that recognizes this condition.
Who is entitled to a pension?
He Agreement 1492which modifies article 15 of Agreement 1124, establishes that the insured has the right to the old age pension If it meets two main conditions: reach the minimum age required and having made a specific number of Contributions to IGSSaccording to the following table:
- Until December 31, 2010: 180 Contributions.
- From January 1, 2011 to December 31, 2012: 192 Contributions.
- From January 1, 2013 to May 31, 2013: 204 Contributions.
- From June 1, 2013 to December 31, 2013: 216 Contributions.
- From January 1, 2014 to May 31, 2014: 228 Contributions.
- As of June 1, 2014: 240 Contributions.
Can an affiliate stop paying the IGSS after complying with the minimum quotas?
A frequent question among affiliates is yes, when fulfilling the minimum number of fees to opt for the pension, they can stop paying the IGSS. The answer is No.
Although the minimum required has been reached, affiliates must continue to quote while working active. However, this can represent additional benefits.
Benefits of continuing to quote the IGSS
He Disability, old age and survival program (IVS) it’s a Comprehensive Social Security. While the affiliate continues to contribute:
- Keeps active coverage by disability risk.
- Their economic dependents are insured by the Survival risk.
- Retains access to Medical Care and Health Services of the IGSS.
- Can Improve the amount of your future pension.
Does the pension increase if it is quoted beyond the minimum?
Yes. The IGSS Regulation Contemplate a incentive to quote beyond the minimum required.
An increase in 0.5% for every six contributions that exceed the first 120 installments.
Practical example
An affiliate who began his working life in 2006 would have reached the 180 required installments to opt for old age in 2021.
If you continue working until 2040 and continue to quote, you will have accumulated approximately 228 additional installments. These extra quotas can represent a increase in your pension, as stipulated in the regulation.
Thus, the IGSS Recognize and reward to the affiliates who maintain their contribution to the system beyond the minimum required, with the objective of guarantee a more robust pension At the time of his retirement.
It is important that workers understand that, although they have complied with the minimum number of contributions to the IGSS, continue to contribute Medical benefits, coverage to risks And the possibility of increase your monthly pension.