In this article you will know in a very precise and detailed way the steps or requirements that are mandatory to consult Reserve funds of the Ecuadorian Social Security Institute (IESS) from the comfort of your home or office. This process is very transcendental since it will provide more knowledge and, above all, own monetary assistance.
Reserve funds
What are Reserve funds? The Reserve funds they are considered by capitalized function positions, accumulated by each employee in dependency provision for many years.
It was originally created to provide a worker with a monetary inheritance upon retirement. The idea was to found a culture of capital that saves workers in case it happens in the future. Therefore, this includes contributing a certain amount to your monthly salary. The employer deposited the money in the IESS and was initially unable to use or withdraw it. When the worker-employer relationship ends, the worker will be paid, regardless of whether the relationship was not terminated because of the employer.
At first, the worker thought that it was a way to save so that in the future he would have the means to start a business, acquire property or engage in economic activities in general, which made it possible for the worker. Its availability allows it to be used to obtain family residences or farms, repeal taxes on them or withdraw within a certain period, every three (3) years. Today, those who do not decide to save in the IESS can obtain a value similar to 8,33% of the contribution together with salary or compensation.
When do the IESS Reserve Funds begin to be paid?
According to IESS Reserve Funds of the page, when an employee has worked in the same company for a certain year, he begins to pay the corresponding amount of money. This process also applies to companies, industries, etc.
If the same worker does not pay the IESS funds on time, that is, within the first fifteen (15) days and the funds accumulate, fines and a large number of additional costs will be incurred, which will increase with the passing of time. weather.
Workers belonging to the IESS can choose monthly direct payments and their salary from their reserves. If the workers do not notify and carry out the necessary management of their accumulation, this form of payment will be adopted.
You can also use the IESS computer application to request not to use your monthly salary directly to pay the reserve fund, but to ask your employer to deposit it in the IESS every month. To do this, you must give your employer a printed copy of the IESS page of your application. Together, the monthly contribution table will be sent.
If the employment relationship ends before the 13 months expire, the worker will not be entitled to payment of the reserve. However, if you return to work with the same employer, the previous service time will be added to the current service time, after more than one year, you can start receiving payments corresponding to the IESS Reserve Funds.
How is the Value Payable of the Reserve Fund Calculated?
The value corresponding to the reserve is equivalent to 8,33% of the total monthly salary, plus complementary and special jobs, commissions, piecework, distribution of profits and any other income or services considered normal in the industry.
Travel expenses, profits, the thirteenth and fourteenth payments, occasional subsidies and goods related to the union precept will not be considered.
How to Properly Consult the IESS Reserve Funds Online?
This part will indicate the steps to consult the individual account of the Reserve funds and they are very easy, fast and simple to manage. These steps are as follows:
- Enter the website of the Ecuadorian Institute of Social Security (IESS), which is https://www.iess.gob.ec/
- In the middle of the page is the "Online Services" section and there we click on the "Insured" option.
- On the next page that shows we select “Affiliates”.
- Later it will take them to another window where the services of the IESS will be observed and the option must be searched Reserve funds, exactly it is located in the fourth row, second column and we click on it.
- It will open a new window where you must enter your "Username and Password" and then click on the "Enter" button.
- In this part they already enter the system and to finish the process they must select the option "Consult Individual Account".
When to Request the Total Return of the Reserve Fund?
IESS members who have chosen to accumulate their reserves may request a full refund in the following circumstances:
- More than 36 donations. In this case, the IESS must return 100% of the same income, plus the interest generated.
- No matter how many months you accumulate, construction workers must return their assigned contributions.
- Upon reaching the minimum retirement age, members are entitled to repay all membership fees and interest incurred. It does not matter if you have already made the minimum contribution to be able to retire.
The crediting period for reservations from affiliated institutions is 3 business days from the date of request.
Requirements to Make the Request for Return of the Reserve Funds
Now, in this section we will explain what are the necessary requirements to be able to obtain the refund of the IESS Reserve Funds. It is important that you comply with each of them to successfully achieve said return.
- Exist as an active member and have thirty-six (36) monthly contributions or more.
- Wait two (2) months after the activity ceases (this applies to members who terminate their employment relationship and meet the minimum required contribution)
- Have a valid (Ecuadorian) bank account and have been registered and verified with the Ecuadorian Social Security Agency (IESS).
- Obtain the personal password of IESS. (This is required for both active and unemployed members).
If the member dies, the following documents must be presented:
- Original death certificate.
- Copy of the identification card of the deceased member.
- Original marriage certificate.
- Copies of the identity cards of the spouse and children (whether adults or minors).
- Bank certificates of all beneficiaries. Valid possession or certified copy.
Where to apply for the Reserve Fund?
They can do it through the website of the Ecuadorian Institute of Social Security (IESS), active and unemployed members for applications for Reserve Funds.
This service will be provided 24 hours a day, 365 days a year. In each provincial council, through the coordination of provincial pensions, labor risks, unemployment insurance and third-party funds, services are provided to deceased members. In this case, the procedure must be carried out by the beneficiary.
If you have any questions or concerns about reservations, those interested can write to the following email address atencionalusuario@iess.gob.ec, or they can contact the user service department of the Ecuadorian Social Security Institute (IESS) at Nacional level.
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