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Compulsory Elderly and Disability Insurance
| Purpose: |
To grant pensions for old age, disability or widowhood based on contributions made to the former Elderly and Disability Insurance or on having been affiliated in the Workers Retirement scheme. |
|---|---|
| Beneficiaries: |
The people who meet the established requirements for each type of pension. |
| Requirements: |
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| Amount: |
The fixed amount for the old age, disability and widowhood pension is 384.50 euros per month. When the widow's/widower's pension and the SOVI pension exist at the same time, the total amount may not exceed twice the amount of the minimum widowhood pension established at any time for beneficiaries over the age of 65. If it exceeds this limit, the amount of the SOVI pension will be reduced by the amount required in order not to exceed the limit indicated. |
| Economic effects: |
Old Age: It is paid from the day after reaching the age of 65 if the application is submitted within the following 30 days. If it is submitted later, it is paid from the first day of the month after that in which it was submitted. Disability: Paid from the first day of the month following the date the application is received by the National Social Security Institute (INSS). Widows/Widowers:
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| Payments: |
The pension is paid monthly with two extra payments that are paid with the June and November monthly payments. |
| Incompatibilities: |
SOVI pensions are incompatible each other and with receiving another pension from the current Social Security System, except for any widowhood pension that the beneficiary may be entitled to. However, the beneficiaries may exercise their right to choose the most favourable pension. |
| Periods: |
Acknowledgment of the SOVI pensions must be resolved and notified to the interested party within the following periods:
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| Termination: |
Old Age: On the pensioner's death. |
| Forms: |
Application for a pension for retirement, disability, widowhood. |
| Documentation: |
The documents to be submitted to process the pension are listed on the application form for retirement, disability or widowhood. |
| Where to process it: | |
| Competent entity: |
Management and recognition of the right to the former SOVI pensions is the responsibility of the National Social Security Institute (INSS). |
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