The second installment of the payment of the right to Compensation for Time of Service arrives this month of November, an obligation that corresponds to the work period that goes from May 1 to October 31 and requires that companies make the deposit within the first fifteen calendar days of the month.
That is, the maximum date for the CTS deposit is this November 15. Failure to comply with this payment may lead to sanctions by the National Superintendence of Labor Supervision (Sunafil), since it is considered a serious infraction in labor matters.
This deposit must be made to the financial account registered in the name of the worker, which he has chosen himself or which the employer has designated by default. The amounts paid generate interest in accordance with the provisions of current regulations.
Until when can the CTS be withdrawn?
According to the rule, Peruvians have access to 100% of their CTS fund until December 31, 2026. That is, the worker can withdraw part or all of the amount of their CTS without having to comply with the traditional requirements for cessation of work or retirement.
It is necessary that this subscription, before the regulations, could only be withdrawn in specific situations, such as a diagnosis of terminal illness or cancer. The new rule modifies this treatment by allowing the free disposal of the fund until the end of next year.
How to calculate the amount of your CTS?
The calculation of Compensation for Time of Service (CTS) in Peru is based on the computable remuneration received by the worker and on the time actually worked during the corresponding semester.
To determine the computable remuneration, the monthly salary is considered without discounts, the family allowance is added if applicable, and a fraction of the bonus is added: specifically, one sixth (1/6) of what you received for this concept.
With this, the basis on which the calculation will be applied is obtained. According to this method, if a worker has a computable remuneration determined at the end of the period (for example, April 30 or October 30 depending on the semester), the formula is applied: (computable remuneration ÷ 12) × months worked in that semester.
To give an example, if the computable remuneration is S/ 3,000 and the person worked six full months in that semester, the calculation would be S/ 3,000 ÷ 12 = S/ 250 and then S/ 250 × 6 = S/ 1,500, which would be the approximate amount of the CTS that must be deposited.
Furthermore, in cases where the worker has worked less than six full months, the calculation is adjusted proportionally to the months or days worked, and the computable days authorized by law must be included (such as vacations or licenses, as the case may be).
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