The Compensation for Time of Service (CTS) It is a labor benefit that private companies provide to their workers in Peru. To receive this payment, which is made twice a year and whose main function is to provide financial support in the event of resignation or dismissal, the employee must be on the payroll.
Although, due to the coronavirus pandemic, the Peruvian authorities decided to allow workers to withdraw money from their CTS without restrictions. In this context, Depor has prepared this article with information on the last day to complete the procedure and how to calculate the amount you will receive in the next deposit.
How to calculate the amount of CTS that corresponds to you?
The CTS payment is made twice a year, but each amount is different because it varies according to the salary (if you had a raise or other reasons). Next, we tell you how to calculate an approximate amount.
- Salary without discounts.
- Family allowance amount (if you receive).
- Total sum of overtime hours in the last semester divided by 6.
- Gratification:
- Finally add everything and divide by 6.
What is the deadline to withdraw your CTS?
He 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 rule to carry out this procedure. Likewise, after that date, workers will be able to obtain their CTS if they have accumulated an excess of four salaries.
What steps to follow to withdraw your CTS?
This procedure is simple and you can do it in person or online (through your bank’s app). To choose the most suitable way for you, you must take into account the amount you want to withdraw from your CTS and also the entity where you have your money.
Approach the bank where you have your account CTS and use their ATMs or go to the window if the amount is greater than 2,500 soles. Remember that to complete 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 service time. To carry out the procedure online, you only need to enter the bank’s website.
What is the maximum amount to withdraw from your CTS?
There is no specific amount you can withdraw from your CTS. It all depends on the balance you have in the account and the money you need to have, because as long as the law remains in force you can withdraw the amount you want as many times as you want.
When do you make the next CTS deposit?
Companies deposit the CTS twice a year, the first in May (already done) and the next will be in November (15th 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.