May 15 is the deadline for companies to deposit the Compensation and Time for Service (CTS) to their workers on the payroll The purpose of this social benefit is to raise a fund that allows the worker —in the face of the possible termination of the employment relationship— to cover his needs and those of his family while he returns to work. working market. However, did you know that this bonus may be subject to withholding in the bank? How long? We tell you here.
As explained by the Chamber of Commerce of Lima (CCL), the deposits of the CTS They can be seized up to 50% as long as the worker has food debts. But what is the procedure? This economic aid is mandatorily deposited in the bank chosen by the worker, even when there is a judicial embargo for this case.
Once done, the company must inform the judge that the CTS it has been deposited in accordance with the law and that the embargo must be requested from the depository bank; except in the case of the CTS that is recorded in the liquidation of the worker who ceases and whose term for its deposit has not yet expired.
If I have less than a month at work, do I receive CTS?
Workers who, as of April 30, 2023, have less than one month of service should know that they are not entitled to receive this money. However, your days worked will be counted in the semester from May to October 2023, so the accumulated CTS will be deposited until November 15 of this year.
CTS 2023: can I have this extra money?
Due to the economic consequences of the COVID-19 pandemic, it was approved for the first time, through emergency decree 033-2020, that workers can withdraw up to S/2,400 from their CTS both in May and November.
The second time that the availability of this fund was authorized was in March 2021, when Congress approved through the Law 31171 that workers have 100% of the CTS deposits made in financial institutions. The same situation occurred in May 2022, when through Law 31480 workers were authorized to freely dispose of their accumulated money until December 31, 2023.
CTS 2023: who is not entitled to this extra money?
In accordance with the law, the following are not entitled to this benefit:
- Workers who work less than four hours a day
- Those who receive 30% or more of the fees paid by the public
- The workers of the microenterprise hired after their registration of the company in the REMYPE
- Workers who receive full annual remuneration
- Workers of the agricultural labor regime who have chosen to collect their CTS together with their remuneration (Law 30110 and DS 005-2021-Minagri).
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
