What are the statutory pension benefits in El Salvador?

Employees in El Salvador receive a pension after retirement. The employer pays the employee's payroll and the employee's burden, contributing to this fund every month.

Structure of the Pension System:

• Mandatory Individual Accounts: Employees contribute to individual retirement accounts managed by private Pension Fund Administrators (Administradoras de Fondos de Pensiones, AFPs).
• Solidarity Guarantee Fund (Cuenta de Garantía Solidaria, CGS): A fund designed to support pensions that do not meet the minimum required amount.

Retirement Eligibility:

• Age Requirement: Men at 60 years and women at 55 years.
• Contribution Requirement: A minimum of 25 years of contributions.