A few days before the fortnight of November, Peruvian workers are preparing to receive two long-awaited deposits in their bank accounts: Compensation for Time of Service (CTS) and the withdrawal of up to 4 UIT from the funds AFP.
Both payments coincide this month, but one of them will arrive first and will mark the beginning of a week of economic relief for thousands of employees.
Which deposit will arrive first?
The first payment that Peruvians will receive will be the CTSas established by the Ministry of Labor and Employment Promotion (MTPE).
Although the legal deadline for this deposit expires on November 15, this year the date falls on a Saturday, considered a non-business day. For this reason, companies may make the deposit up to on Monday, November 17 without incurring infractions.
According to the official CTS guide published by the MTPE, employers must make this payment twice a year, in May and November, within the first 15 calendar days of the month. However, if the last day falls on a non-business day, the deposit can be made on the first following business day.
It should be remembered that, thanks to the CTS Retirement Law, workers can freely dispose of 100% of their funds until December 31, 2026.
This benefit applies to private sector employees, who will see the deposit reflected directly in their CTS accounts, which can be found in any registered financial institution.
Then comes the retirement AFP
After paying the CTS, workers who requested the withdrawal of up to 4 UIT from their AFP funds (equivalent to S/21,400 approx.) will also receive their deposits during November.
The first group to receive the money will be affiliates who submitted their application on Tuesday, October 21who will receive their first UIT (S/5,350) maximum Thursday, November 20according to the official schedule.
The following deposits will be made in accordance with the order of the last digit of the DNI or the final letter of the document, following this schedule:
Letter (last group): Those who applied on October 21, will receive their first payment on November 20.
- Digit 0: applications entered on October 22 or 23, with maximum deposit on November 21 or 22.
- Digit 1: Those who submitted their application on October 24 will receive their maximum deposit on November 23.
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