They are already going to pay the CTS. Companies have until November 15 to make the second annual deposit of the Compensation for length of service (CTS). Do you know if you can withdraw that money and to whom it corresponds?
The CTS is equivalent, on average, to an annual remuneration, which must be deposited by the employer in favor of the worker in two parts of 50% each (May and November).
Employers of micro, small, medium and large companies, as the case may be, must make the payment in November corresponding to the semester period May 2022-October 2022. Learn more about this labor benefit.
WHAT IS THE CTS AND WHAT WAS IT CREATED FOR?
The Compensation for Time of Service (CTS) is a social benefit that aims to protect the worker from contingencies that may arise as a result of cessation of work. This benefit is regulated by the Single Ordered Text of Legislative Decree No. 650, approved by Supreme Decree No. 001-97-TR, and its regulations, Supreme Decree No. 004-97-TR.
WILL I BE ABLE TO WITHDRAW THE CTS THAT IS DEPOSITED IN NOVEMBER?
Yes. Workers can withdraw what they deposit in November and all 100% of their retirement fund. Compensation for length of service (CTS), in accordance with a regulation approved by the government and which has been in force since last June.
The executive published in the Official Gazette El Peruano the Supreme Decree No. 011-2022-TR that authorizes workers, for the only time and until December 31, 2023, to freely dispose of 100% of the deposits for compensation for time of services made in financial entities and that they have accumulated at the date of disposition.
HOW CAN I REQUEST THE WITHDRAWAL OF MY CTS?
The request must be made in the following ways:
- If you want to dispose of your money, you can do so by entering the Internet banking of the financial institution where you have your CTS. Don’t forget to have registered or have your digital channel active.
- View your account with 100% availability starting June 6. (Most financial institutions have released the money since that date).
- The withdrawal may be total or partial, of the amount available in your respective CTS deposit account. To transfer your money to an account, you can do it through transfers to an account in the same bank or an interbank account (the latter way will take two days).
HOW MANY TIMES WILL I BE ABLE TO WITHDRAW THE MONEY FROM THE CTS?
The availability of the money will be until December 31, 2023, so you can withdraw future deposits, which will be made in 2022 and 2023. The CTS is equivalent, on average, to an annual remuneration, which must be deposited by the employer in favor of the worker in two parts of 50% each (May and November).
WHO CAN HAVE ACCESS TO 100% OF THE CTS?
Only those workers who are in the formal system will be able to make the withdrawal, since the other informal employees do not have this benefit.
Among the direct beneficiaries are the workers of the private regime who work an average of a minimum daily shift of four hours. Also those from small businesses, as well as domestic and agrarian workers, etc.
WHAT HAPPENS IF THE COMPANY WHERE I WORK DOES NOT DEPOSIT THE CTS?
Failure to deposit the CTS within the established term is considered by Sunafil as a very serious infraction.
- The fine is between S/6,908 and S/114,928, depending on the number of workers affected.
