The companies had until November 15 to deposit to their employees the amount corresponding to the Compensation for Time of Service (CTS), which is a labor right protected by law whose purpose is to protect the worker against a possible period of unemployment. Know the average interest rates offered by financial institutions according to SBS data and how to transfer your CTS to the entity that suits you best.
What is a CTS account?
The CTS account are deposits that by law correspond to formal workers as a work benefit for the time that they have been performing their functions within a certain company. It is intended to protect you when your employment relationship with the employer ends.
How do I know how much I have in my CTS account?
Financial entities provide various channels for you to find out how much money you have accumulated in your CTS account. Thus, you can make the query through the via telephone, Internet banking O mobile app of the bank or entity where your employer deposited your Compensation for Time of Service. Learn about the different platforms enabled for this purpose by clicking HERE.
How to perform a CTS transfer?
The regulations establish that the employer can have the money accumulated in his CTS account at any time, for which he must notify the employer of his decision.
What steps should I follow to carry out the transfer of my CTS?
You can transfer your CTS from one financial institution to another by following the following steps:
- Transfer request: Send a simple request to your employer (company where you work) indicating the financial institution of origin and the bank, savings bank or financial institution where you want to transfer your CTS. You must attach a copy of your valid ID or immigration card.
- Employer letter: your employer will send to the financial institution you chose (rural bank, municipal bank, financial institution, bank, etc.) an application with the transfer request of your CTS.
- Confirmation: The financial institution to which the transfer was made will inform you by means of a letter of the completion of the procedure.
In some cases, once the request has been received, the financial institution will ask you to come to their offices to assign a debit card and / or a coordinate card.
How long does the transfer of CTS take?
The law establishes that the employer “within eight business days” will send the instructions for the transfer to the financial institution where your CTS is deposited. The same that must be specified within 15 business days, otherwise it will be sanctioned by the SBS.
What banks pay higher interest for the payment of my CTS?
The Financial Proempresa It has the highest Annual Effective Rate of Return (Trea) with 6.9% if the deposit is in soles, according to the SBS.
For its part, Financial CredinKa offers a minimum Trea of 6.25%, followed by the Qapaq Finance and OH Finance with 6.0%.
In the field of municipal savings banks, the Municipal Bank of Sullana occupies the first place with 5.65%, followed by the Municipal Bank of Lima and the Municipal Bank of Sullana with 5.5%.
With regard to banking entities, Banco del Comercio presents a better performance with 5.0%, followed by Banco Ripley with 4.5%.
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Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
