The Compensation for Time of Services (CTS) is already available for formal workers in Peru “in order to cover the economic needs caused by the COVID-19 pandemic″. Until when will I have time to make the withdrawal?
According to the regulations of the approved law, the request for money from the CTS can be made both in person and remotely.
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
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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).
Can the money only be withdrawn once?
Because the rule states that funds are withdrawn only once, this does not mean that it is a single disbursement, but that the authorization is generated by a “single situation”, as in the case of the COVID-19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.
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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.
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 institution or by phone, the amount you have in your CTS.
