Workers in the private sector can now access 100% of the Compensation for Time of Service (CTS) “in order to cover the economic needs caused by the pandemic”. In this note we explain the steps to be able to withdraw the money.
On Saturday, the Ministry of Labor and Employment Promotion (MTPE) approved the regulatory provisions for the application of Law No. 31480, Law that authorizes the provision of compensation for time of service in order to cover the economic needs caused by the pandemic. of COVID-19. For this reason, from Sunday, June 5, 100% of the CTS funds can be accessed.
It should be noted that the CTS’s fundamental purpose is to anticipate the risk caused by the termination of the employment relationship and the consequent loss of your income, in a few words, it is the ‘insurance’ that the employee has when he breaks his relationship with the company in the one who has worked
How to collect 100% of the CTS?
The withdrawal of the CTS is easier than in other years. Peruvians who wish to withdraw 100% or part of their money for Compensation for Time of Service must go to the ATM or bank where they have their money and withdraw.
Otherwise, another option is to make transfers between accounts or interbank to be able to count on the money.
It should be noted that if your money is deposited in the same account where your salary is paid, you can join it with your debit card so that the entire amount is in a single piece of plastic.
Until when is the term to withdraw the money from the CTS?
The rule specifies that workers included within the scope of the Single Ordered Text of Legislative Decree 650 are authorized only once and until December 31, 2023, to freely dispose of 100% of the CTS deposits made in the entities and that they have accumulated at the date of disposition.
Can the money only be withdrawn once?
Because the rule states that withdrawing the funds is one-time, Jorge Carrillo clarified that this does not mean that it is a single disbursement, but that the authorization is generated by a “unique situation”, as in the case of the COVID-19 pandemic. 19.
