Regulatory Alerts2023-01-26 | NSP-77Added · Updated
Technical Standards for the Granting of Old Age Monetary Benefits in the Public Pension System
The Norms Committee of the Central Reserve Bank of El Salvador issued these standards to establish procedures for the Salvadoran Institute of Social Security and the Salvadoran Institute of Pensions regarding old age benefits. The document defines eligibility thresholds, including age requirements of sixty for men and fifty-five for women, and contribution periods of twenty-five years for pensions or twelve for allowances. It mandates specific calculation methods for benefit amounts based on contribution time and salary bases, while imposing administrative obligations on the institutes to identify candidates and process applications within set timelines.
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