In Perulast November 15 was the last day for companies to deposit their workers with the Compensation for length of service (CTS), money that works as financial support in case of resignation or dismissal. Currently, workers can use this contribution without the need to request a permit. But until when is this going to happen? Is there a maximum amount? And will I be able to withdraw my money in 2024? To know the answers to these questions and others, Depor has made this note with all the information on the matter. So read carefully.
Until when can you have 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 rule to do this procedure. Likewise, after that date, workers will be able to obtain their CTS if they have accumulated an excess of four salaries.
What is the maximum amount you can withdraw from your CTS?
Currently, there is no specific amount that workers can withdraw. In reality, the amount depends on the balance you have in the account and the money you need to have available. 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.
Does the work modality (in-person or remote) influence CTS?
No because the payment should be the same for those who work in person, semi-in person or even remotely. It is important to keep in mind that this labor benefit corresponds to every worker in the private labor regime who has an indefinite, fixed-term contract.
What should you do to withdraw your CTS?
You can do this procedure 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.
- In person: Go to the bank where you have your CTS account and use their ATMs or go to the counter 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.
- From a website or app: 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.
Who receives the CTS?
- Employees of the private regime who work, at least, a day of four hours a day.
- Small business workers who receive 15 daily payments per full year of services. The maximum daily remuneration is 90.
- In the case of agricultural workers, the CTS is included in the daily remuneration at a rate of 9.72% of the basic salary. However, the employee can request the payment in a differentiated and semi-annual manner, as in the common labor regime.
- Domestic workers have recently been included. They must be paid the CTS under the same conditions as the common labor regime.
Will you be able to withdraw your CTS in 2024?
Yes and you won’t have to quit to do it. You only need to have accumulated four salaries (depending on your salary) to be able to request the surplus. To request the money you only have to go to the bank where your money is and request it.