Private sector employers have until May 15 to make the first payment of the Compensation for Time of Services (CTS) this year, the next deposit will be made in November. In this note we show you how to calculate and verify the amount you will receive.
This labor benefit allows workers to have a fund that they can use in case they stop working in the company. For this reason, this amount that accumulates cannot be withdrawn unless the worker has accumulated the equivalent of four salaries. Once achieved, he can proceed to withdraw the surplus.
Any worker who has worked at least four hours a day between the months of May and October, and who has at least one full month of services, is entitled to payment of the CTS.
LOOK: Withdrawal of the CTS 2022: from what date could I request my money?
How to calculate the CTS?
To find out how much you will receive for CTS, the Comparabien portal explains:
- Take your monthly salary into account, then add 1/6 of your bonus to it (divide your bonus by six).
- That amount, divide it by 360 and then multiply it by the days worked (for the entire semester, it would be 180).
For example, with a basic salary of S/ 1,500:
- 1/6 bonus: S/ 250
- Basic salary plus 1/6 bonus: S/ 1,500 + S/ 250 = S/ 1,750
- Salary plus 1/6 bonus over 360 days: 1,750/360 = 4.86
- Amount previously obtained by number of days worked (if you worked a full semester, it is multiplied by 180) = 4.86 * 180 = S/ 874.8
- What you will receive from CTS would be approximately S/ 874.8.
“In some cases, overtime, commissions or bonuses received by the worker will be added. This will depend on the labor regime in which you find yourself, so it is advisable in this case to request the information from the Human Resources area.”, indicates the portal.
How do I verify that my CTS was correctly calculated and disbursed?
According to Mauricio Matos, Associate Partner of the Labor Area of EY Peru, the employer has the obligation to grant a CTS calculation settlement to each worker, as well as to credit the deposit in the financial system account chosen by the worker.
For this calculation, the remuneration received by the worker as of April 30 or October 30 is taken as a reference, depending on whether it is the May deposit or the November deposit, respectively.
The specialist stated that in both cases, the CTS to be deposited is equal to 50% of said amount each time.
Likewise, he mentioned that 1/6 of the bonus for the corresponding period should also be included.
In this sense, for the May CTS, for example, 1/6 of the December 2021 bonus must be included. This is because it is a remuneration to which the worker is subject by law.
