In it Congress There are already five bills that propose the free availability of Compensation for Time of Service (CTS). The latest initiative presented proposes that 100% withdrawal can be made until December 31, 2026.
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Faced with these populist proposals, the labor Ricardo Herrera explained the reasons why the intangibility of at least four salaries in the CTS account must be maintained. In statements to this newspaper, he stated that the first thing to consider is that this benefit works as unemployment insurance, that is, it serves as a cushion in case people lose their job.
“In 1991 the law was passed and today up to four salaries are inexhaustible, which is more or less the estimated time it can take for a person to get a job,” he said.
Furthermore, he pointed out that before regulations were approved that allowed access to 100% of the CTSthis benefit served as a patrimonial support for people, even more so in periods of instability.
All of these withdrawals, as he noted, have led to the fact that although before the pandemic these accounts represented 5% of national savings in the financial system, today the figure reaches just 2.2%.
“We have a serious problem of lack of responsibility of the Congress and the Executive that does not observe this type of proposals that are an example of the populism of an election year. There are currently 4.5 million accounts CTS and more than half do not even have S/1,200,” he assured.
The labor activist assured that there is no justification for free availability and maintained that there is an absence of planning in State policy, because in his opinion what is sought is immediacy without thinking about the future.
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MORE PROFITABILITY
Ricardo Herrea also stated that one of the reasons why it is better to keep money in CTS accounts is the profitability offered by this type of financial product.
According to data from the Superintendency of Banking, Insurance and AFP (SBS), in the market, there are financial entities that offer an annual Effective Return Rate (ERR) for accounts in soles of up to 7%. Today in dollars the minimum TREA is 1.5%.
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