In the next two weeks, 4 million people will receive CTS

With the arrival of November, the deadline for companies to deposit the payments of the Compensation for Time of Services (CTS) to their workers begins.

There will be around 4 million people who will receive this benefit in the next two weeks, since the maximum term for companies to make the deposit expires on November 15, said Jorge Carrillo Acosta, a professor at Pacífico Business School.

“This deposit is more expected than on other occasions, since it will be possible to withdraw the full amount of this benefit until December 31,” recalled the Finance specialist, who pointed out that after that date the maximum withdrawal of the excess of 4 salaries will apply. gross, or in the event of resignation, dismissal or retirement.

Who receives CTS? This right applies to all formal workers in the private sector who have a minimum working day of 4 hours a day. Workers of the Remype regime also have access to 50% of the benefit.

Regarding the calculation, Carrillo Acosta explained that the amount to be received is equivalent to more than one salary per year, since the sixth part of the last bonus received is also considered, for which the amount received per year is 1.17 salaries.

“For example, if a worker has a fixed salary of S / 3,000 per month, his annual CTS will be S / 3,500, so he will receive a semiannual payment of S / 1,750 in May and S / 1,750 in November,” he explained.

The company deposits this benefit in a special savings account in the financial institution chosen by each worker. They can be banks, finance companies, municipal banks, rural banks and cooperatives.

The fines for non-compliance range from S / 1,980 (minimum for small companies) to S / 114,928 (maximum for large companies), reported the National Superintendency of Labor Inspection (Sunafil).

100% withdrawal law

S / 7,227 million were withdrawn from the CTS accounts in the financial system, as reported by the Superintendency of Banking, Insurance and AFP (SBS) to a local media.

And it is that deposits were reduced by 34%, going from a balance of S / 21,243 million last April to S / 14,015 million last September 9. This was seen after the entry into force of the law that allows the withdrawal of 100% of the funds.

The regulator explained that it cannot be determined precisely how many clients with CTS deposits withdrew all or part of these savings, since it is required to have detailed information protected by bank secrecy.

However, it was observed that some 499,455 clients with balances greater than S / 1,072, covered by the Deposit Insurance Fund (FSD), subsequently ceased to be reported. “From this, it is inferred that at least these depositors made the withdrawal of their CTS until placing it in a balance lower than S / 1,072,” he said.

The data

Special case. If the holder of a CTS account dies, the employer will give the depositary the amount that he would have had to pay the holder, within 48 hours of learning of the death. Then, the spouse will be given 50% of the total accumulated amount. The balance of the deposit will be kept in custody until the presentation of the will or the declaration of heirs.