On May 5, the plenary session of Congress approved the substitute text that will allow workers, exceptionally, to make use of 100% of the Compensation for Time of Services (CTS) until December 31, 2023. But how long does the Executive have time to enact or observe it?
The legislative initiative mentions that it is given in order to cover the economic needs caused by the COVID-19 pandemic.
According to the Minister of Labor and Employment Promotion, Betssy Chávez, this week the Executive Branch would sign the autograph of the law that approves the withdrawal of 100% of the CTS funds, but did not give details on the exact date.
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As is known, President Pedro Castillo has 15 business days to sign the autograph or observe it; that is, until May 27.
Who will be able to withdraw 100% of the CTS?
All workers, without exception, are authorized to make the disbursement of their entire CTS, but we must bear in mind that only those who are in the formal system can do so; since the other informal employees do not have this benefit.
It should be remembered that currently workers can withdraw part of their CTS without stopping work. This occurs only when they have an amount in their accounts that exceeds their four salaries.
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How many CTS withdrawals have already been approved in a pandemic?
In the state of emergency, the provision of the CTS was already allowed twice:
- The first through Emergency Decree 033-2020, which allowed two withdrawals of up to S/ 2,400 each.
- The second through Law No. 31171, in which workers disposed of 100% of their deposits until December 31, 2021.
