Companies had until November 15 to deposit Compensation for Time of Service (CTS) to their employees. This benefit granted by the employer must be paid on behalf of its workers in a CTS account of a financial institution. This is a labor law for everyone who is on the payroll and who works at least four hours a day.
Due to the coronavirus pandemic, the Peruvian Government approved legislation that allows the withdrawal of the CTS at 100%, and that can be removed until December 31 of this year. Along these lines, since May 5, 2021, banks have been dealing with requests for this withdrawal.
What requirements must I meet to receive the deposit from the CTS?
- Be on the company’s payroll
- Meet at least four hours a day
- Have at least one full month of services.
How to verify if the CTS and my account statement have already been deposited?
The employer deposits the CTS in the financial institution that the employee decides. Once chosen, a CTS account will be opened in the name of the worker and it is there from where it will be confirmed if they have already paid the money.
Interbank
- To find out if you have already been deposited at Interbank, check through the bank’s application.
BBVA
- Access internet banking. You can contact the customer service number: (01) 595-0000.
BCP
- Consult through Vía BCP or in its agencies nationwide. Contact the bank by phone: (01) 311-9898.
Ripley bench
- Request information through its digital channels, in its agencies nationwide or call the line: (01) 611-5757.
Huancayo Box
- You can request information through the mobile application or the Caja Huancayo website, as well as GlobalNet ATMs or contact the number: 0800-10064 or (64) 481000.
Arequipa Box
- Manage your inquiries through your internet banking and the Caja Arequipa Móvil app.
Trujillo Box
- You can check your balance on the web and in the Caja Trujillo Móvil app.
How do I withdraw my CTS and what steps should I take?
These are the steps you must follow to remove the CTS:
- Send a request to the financial institution where you have deposited the CTS, either BCP, BBVA, Interbank or others. This procedure can be done remotely or virtually.
- Specify if you want to make a partial or total withdrawal of the money from the CTS, as well as the account in which you want to receive the resources.
- Once the request is received, the financial institution will have a maximum period of two business days to transfer the money to the specified account.
How to withdraw my CTS online?
According to the regulation of the withdrawal of 100% of the CTS approved by Congress, the request can be made online or in person at the bank, financial institution, municipal box or where the compensation is deposited. You can also request that the money in your account be transferred to another account that you own at any financial institution so that you can use it from there or you can withdraw the cash at ATMs or agencies.
How do I collect my CTS in person?
To withdraw the CTS in person, you must go to the bank where your salary is deposited.
What to do if my company has not yet deposited the CTS?
According to him Regulations of the General Labor Inspection Law, which regulates in its article 24, the company that does not comply with said deposit will incur a serious infraction in labor relations and will be fined with figures ranging from 462 to 94,500 soles.
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