The compensation for time of service (CTS) It is already available for formal workers in Peru “in order to cover the economic needs caused by the COVID-19 pandemic.” In this note we explain how to request the money you have in your account.
The withdrawal from the CTSwhich will be enabled until December 2023, may be carried out in whole or in part.
According to the regulations of the approved law, the request of the CTS money It can be done both in person and remotely.
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It should be noted that the CTS Its 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 which he has worked.
Face-to-face retreat
Workers can request the withdrawal of money in cash by going to the tellers or windows of the financial entity in which their account is located, in this way they must receive the disbursement immediately.
Withdrawal by application
- 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.
- 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 in the same bank or an interbank transfer (the latter way will take two days).
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Can the money only be withdrawn once?
Because the rule states that funds are withdrawn only once, this does not mean that it is a single disbursement, but that the authorization is generated by a “single situation”, as in the case of the COVID-19 pandemic.
How to know how much money you have from CTS?
Many times, the worker does not know how to access the statement of account for Compensation for Time of Service and this generates certain doubts.
First you must know in which financial entity you have been deposited. To be able to absolve this premise, we recommend you talk to your employer so that you can know said information.
If your money is deposited in the same entity where your salary is paid, request information about your account and you can join it so that you have a single card.
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.
Once you have completed all these steps, you will be able to consult, according to the app of your financial entity or by phone, the amount you have in your CTS.
