Pension by age
Requirements to be entitled to the pension by age
The age pension is classified as ordinary and extraordinary, in accordance with the requirements established in this Law for its concession.
For the purposes of setting the age to obtain the right to the ordinary pension, the jobs are classified according to the nature of their respective conditions, in the following categories:
- Category I. Work carried out under normal conditions.
- Category II. Work carried out under conditions in which the expenditure of physical or mental energy, or both, is of such a nature that it causes a reduction in working capacity over time, as wear and tear on the body does not correspond to that corresponding to the age of the employee.
To be entitled to the ordinary pension requires:
For workers included in Category I:
a) be women 60 years of age or older and men 65 years of age or older;
b) have provided not less than 30 years of service; and
c) be linked to the job at the time of fulfilling the requirements indicated in the preceding paragraphs.
For workers included in Category II:
a) be women 55 years of age or older and men 60 years of age or older;
b) have provided not less than 30 years of service;
c) have worked in jobs included in this Category no less than fifteen years prior to your request, or 75% of the service time required to be entitled to the pension, if at the time of requesting it you were not holding a position included in this category; and
d) be linked to the job at the time of meeting the requirements indicated in the preceding paragraphs.
To obtain the extraordinary pension requires:
a) be women 60 years of age or older and men 65 years of age or older;
b) have provided not less than 20 years of service; and
c) be linked to work when complying with the requirements indicated in the preceding paragraphs.
The worker who breaks the job can apply for the age pension at any time, if on the date of his departure he met the established requirements to obtain said pension.
Amount of pension by age
The amount of the pension by age is determined on the average salary resulting from the highest wages earned by the worker during the five calendar years, selected from the last fifteen equally natural years, prior to the application for the pension.
The amount of the ordinary pension by age is determined in accordance with the following rules:
a) for the first 30 years of service, 60% is applied to the average salary; and
b) for each year of services exceeding 30, the percentage to be applied increases by 2%.
The amount of the extraordinary pension by age is determined according to the following rules:
a) for the first 20 years of service, 40% is applied to the average salary; and
b) for each year of services that exceeds 20, the percentage to be applied increases by 2%.
