The Labor and Social Security Commission approved on Tuesday the prediction proposed by the exceptional withdrawal of Compensation for Times of Service (CTS) of the workers, to cover the “economic needs caused by the COVID-19 pandemic″.
The multiparty agreement proposes to modify article 2 of Law No. 31171 -which authorizes the provision of compensation for length of service- in order to mitigate the impact on the economy, health and work of people due to the start of the third wave of the COVID-19 health pandemic and its variants.
This initiative, which seeks to release the CTS until December 31 of this year, will be submitted to the plenary session of the Congress of the Republic for discussion.
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“Authorize for a single time and until December 31, 2022, workers […] to dispose of 100% of the deposits by CTS made in financial entities and that have accumulated at the date of disposal”, indicates the proposal that was approved unanimously.
As it is recalled, previously the disposition of the CTS. The first through Emergency Decree 033-2020, which allowed two withdrawals of up to S/ 2,400 each, and the second through Law No. 31171, which allowed workers to dispose of 100% of their deposits up to 31 December 2021.
