The economic value of the pension for retirement serves to cover the absence of income produced to stop working or self-employed persons.

To be eligible for retirement benefits for the basic and indispensable requirement is being ascribed to the Social Security system for a minimum working life of years stipulated by law.

Requirements to collect retirement ordinary

The general requirements to be met by those workers who wish to apply for retirement benefits are as follows:

·  Being affiliated and discharged in Social Security or in situations such as unemployment.

·  Have 65 years, although this age can be reduced in certain cases such as that of persons with a disability equal to or higher than 65%.

·  Delivering a period of trading least 15 years, of which two years must have been for specific quote for retirement.

·  That has occurred which technically is called risk that in some cases is the end of the employment relationship and other filing application for a pension.

Application for the retirement

An application for unemployment benefit must be made by the worker at the National Institute for Social Security or Instituto Social de la Marina in the case of workers of the Sea.

Please provide the following documents with their corresponding original copy so that they can be compulsados, with the exception of the ID card or its equivalent.

Application for partial retirement

In special cases such as those in retirement, would be required in addition to other documents are available on Social Security. Generally, the documents to be submitted are:

·  NCD or equivalent document in the case of foreigners.

·  Certification of the contribution basis of recent months issued by the company.

·  Proof of payment of Social Security contributions in the case of workers forced to pay for themselves.

·  Unemployment certificate issued by the Public Employment Service, if the worker is in this situation.

Base regulator

The base figure is the amount that is to divide the groundwork for trading of the past 180 months from 210. The base price is the gross amount to recognizing practicarle without any deduction in the payroll.

To calculate the base figure takes the value that appears on the payroll in the last 24 months. In the case of payroll above the amount that appears on them is updated by applying the corresponding rise in the CPI since they were issued up to 25 months before retirement.

Amount of pension

The amount of the pension is determined by applying a percentage established by the number of years quoted on the base.

The percentage is applied on the base figure depends on the number of years quoted. So when you have 15 years quoted the rate applied is 50%. This will gradually increase until it becomes 100% when you have 35 years quoted.

Recovery of the pension

The amount of the pension is payable monthly in 14 monthly installments, namely that there are two extra payments that correspond to the months of June and November.

The pensions are revised annually in line with the increase in the Consumer Price Index (CPI), and are subject to Taxes on Income Individuals (IRPF), which will vary depending on the amount of pension.