In Venezuela Pension payments coming from the Venezuelan Social Security Institute (IVSS) are mostly done at the end of the month and correspond to the next month. In this way, the pension of May 2023 was paid from 21 April.
How much amount will be distributed to IVSS pensioners?
The basic amount of the pension paid to retirees does not change and remains at 130 bolivars (US$5.19 at the dollar exchange rate), as the minimum wage in Venezuela has not yet been revised.
However, the Venezuelan Labor Minister, Francisco Torrealba, indicated via his official Twitter account that all pensioners who are registered in the Patria system and receive economic war bonds can add US$20,000 to their monthly income. Extrapolated to USS 25 in total, that is, about 625 bolivars.
Who can get IVSS pension?
Pension is usually collected by any older adult making a request for old age pension in IVSS, after reaching the age of 60 years in case of men or 55 years in case of women. Although you must meet these requirements:
- Minimum 750 weekly contribution.
- Present the identity card.
- Request for Cash Benefits, Form 14-04.
- Proof of work, Form 14-100 worked last 6 years.
It is important to remember that the Insured Person who does not have the recognized minimum weekly contribution to be entitled to old age pension may, at his option, wait till this requirement is met or receive a compensation equal to 10% immediately. can do. Sum of salary commensurate with recognized contributions.
How to know about IVSS Pension?
The Insured Person has to login to the IVSS website and then go to the “Queries” section and click on ‘Pensioners’. Then, enter your ID number and date of birth. After that, click on ‘Counsel’, and the system will show you the status and amount of Pension, Adjustment, Approval, Loan and other details.
On the other hand, taking into account Venezuela’s pension system, workers contribute between 2% and 4% of their salary to social security and employers pay, on behalf of workers, between 9% and 11% additional.
