Compensation for Time of Service (CTS) is a work benefit that the employer gives to the worker who is on the payroll. It is intended to protect you in case you lose your job.
This benefit is deposited in May and November of each year, so the next CTS payment will be maximum until tomorrow, Monday, November 15.
For this reason, the specialist Jorge Carrillo, professor at the Pacífico Business School, gives six keys to consider about the next payment of the CTS.
The first is that it must be taken into consideration that this money is not intangible. Carrillo states that Yes, up to 50% of the amount of the CTS can be garnished, but only in the case of debts for alimony.
He also warned that this proceeds only when the worker stops working in the company.
The second key is that the worker will not lose the CTS money. If the worker stops working in the company, either due to dismissal or resignation, and does not request the CTS, the financial institution opens a new traditional savings account and transfers the funds at a lower rate.
The third recommendation is that it is the worker who opens the account choosing the financial conditions they prefer (financial institution, interest rate, currency, benefits).
The fourth key is that a person who has a high accumulated amount of CTS could get a better interest rate. Especially if the amount of your CTS is greater than S / 100,000, or benefit if you have several financial products with the same institution (salary account, credit card, mortgage loans, etc.).
The fifth key to keep in mind is that you can change the CTS from a bank to a teller at any time. If the date of payment of the CTS is close, they will make the change after the deposit.
The numbers
4 million people will receive CTS benefits until November 15.
34% of deposits were reduced by law that allowed the withdrawal of 100% of the funds.
100% of the CTS can be withdrawn until December 31.
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