On December 31, 2024, the deadline for workers to have free access to their Compensation for Time of Service account expires (CTS), as established by Law 32027, enacted in May of this year.
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It should be noted that since 2021, and as a consequence of the health crisis, the free availability of this work benefit was established, and the date was subsequently extended. Furthermore, there are currently proposals in Congress that propose a new deadline for access; however, as there is no legislature, the initiatives could only be debated as of March.
In this regard, labor lawyer Ricardo Herrera told this newspaper that the concept of CTS, which should function as unemployment insurance, has been distorted, but today it operates as an additional salary for workers.
“I think they are going to renew it, but it would not be appropriate to do it again. We must take into account that before the pandemic, one in four people was on the payroll, now one in five. So the CTS is a privilege of few,” he told Perú21.
RESTRICTED ACCESS
If Congress does not approve the extension of access to 100% of the CTS, from January 1, 2025, the rule that establishes that free availability will only be from the excess of four remunerations will be returned.
It should be noted that this benefit is equivalent to an annual remuneration and is deposited in two installments: the first during the first fortnight of May and the second in the first 15 days of November.
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