People who work in a micro, small, medium and large company receive a deposit of their CTS (Compensation for Service Time) in Peru. This money Its purpose is to support the worker in the event of resignation or dismissal, so it can only be withdrawn in these circumstances or if the accumulated amount exceeds the value of four salaries. Find out more details about the CTS in the note we have prepared.
Due to the coronavirus pandemic and the economic situation in the country, the Government decided to allow people to dispose of their CTS without any restrictions, but until when will that be possible? Or is there a minimum amount? Below, we answer these questions and we also provide you with more information about it.
What is the amount you can withdraw from your CTS?
Currently, there is no specific amount that workers can withdraw. Actually, the amount depends on the balance you have in the account and the money you need to dispose of. Remember that as long as the law remains in force and you have a balance in your account, you can withdraw the amount you want and also as many times as you want.
How long can you withdraw your CTS?
The last day to withdraw the CTS is December 31, 2023. Remember that if you resigned or were fired, you do not need to rely on the norm to carry out this procedure. Likewise, after that date, workers will be able to draw their CTS if they have accumulated the excess of four salaries.
When do you make the next CTS deposit?
The companies deposit the CTS twice a year, the first in May (already done) and the next will be in November (15 of that month is the last to do so). Remember that the amount may vary, since it depends on your time in the company and the salary you receive.
What do you need to withdraw your CTS?
This procedure can be done in person or online (through the bank’s app). To choose the right one you must take into account the amount you want and also the bank where your money is located.
Go to the bank where you have your CTS account and use its ATMs or go to the window if the amount is greater than 2,500 soles. Remember that to carry out the process with an advisor you must bring your ID and the account card.
Download the app of the bank where your money is and look for the alternative transfer between accounts. You should know that if the money will be sent to another bank, they will probably charge you a commission that will be deducted from your compensation for time of service. To carry out the procedure on the web, you only need to enter the page of the bank.