The CTS (Compensation for Time of Service) is a labor benefit that those who work in a micro, small, medium and large company receive twice a year. Peru. Usually, this money cannot be used immediately after deposit, something that happens with bonuses, because its purpose is to serve as financial support in the event of resignation or dismissal.
However, due to the coronavirus pandemic, the Peruvian authorities decided to make an exception to that rule and allow workers in private companies to have that money for a few months. In this context, collaborators wonder: when will be the next deposit, amount and last day to use the CTS? Find out the answer in the Depor note.
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.
How to calculate the money I will receive for the CTS?
According to what was explained by associate partner from the Labor Area of EY Peru, Mauricio Matos, to the Andina agency, the calculation of the CTS is carried out as follows:
- If the worker receives an imprecise or variable main remuneration, the CTS will be the result of the average salary received by the worker in the six months that comprises each period. This means that the salary is averaged from November to April (for the May CTS) or from May to October (for the November CTS).
- If the worker receives a fixed remuneration, but has imprecise or variable complementary remuneration (for example, he receives overtime), these amounts will be included in the calculation as long as they have been received 3 or more times in the November period of the year prior to April (for the May CTS) or in the period from May to October (for the November CTS), in which case the concepts are added and divided by 6.
- To calculate the amount, take into account your monthly salary, then add 1/6 of the bonus (divide your bonus by six). Divide that amount by 360 and then multiply it by the days worked (for the entire semester, it would be 180).
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 is the 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.
What do you need 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.
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.
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.
Until when 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 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.
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.
Finally, Jimmy Huatuco, project manager at Buk Perú, remembers that 2023 would be the last year in which Peruvians could use their entire fund, so it is important that they know if the correct deposits are being made.