What you need to know
Retirement benefits are provided by the Guatemala Institute of Social Security (IGSS), the national social security program. IGSS also provides financial protection to employees who experience an interruption of income due to accident, illness, or maternity.
Eligibility
To qualify for retirement benefits through IGSS, you must have made at least 240 months of contributions into the national social security program and reached age 60.
Your dependents may also be eligible for benefits in the event of your death.
How the plan works
Contributions: PayPal contributes 10.67% of your salary into the national social security program. You contribute 4.83% of your salary.
Monthly benefit amount:
- 50% of your salary paid in the last 60 months, plus 0.5% for each 6-month period of contributions made over 120 months
- Minimum monthly pension, including supplements, is GTQ 340
- Maximum monthly pension, including supplements, is GTQ 4,800 (80% of the maximum monthly earnings, up to GTQ 6,000, is used to calculate benefits)
Dependent's supplemental benefit amount: 10% of your pension is paid to each eligible dependent, including your spouse or partner, children younger than age 18 (no age limit if disabled), and disabled parents with no other source of income.
Schedule of payments: 13 payments a year plus a December bonus of GTQ 500.
Benefit adjustment: Adjusted periodically, depending on financial resource.