CTS 2023: when do they deposit and how to calculate the amount I will receive?

One of the most anticipated payments for many Peruvians who have formal jobs and are registered on payrolls is the Compensation for Time of Service (CTS). This social benefit is deposited twice a year and serves to protect workers in situations of resignation or dismissal. In addition, 100% withdrawal was enabled in 2022, but some people wonder how long they can do it, what is the deadline for the next disbursement and how to calculate the money they will receive. If you want to resolve these doubts, continue reading this note from La República.

CTS 2023: when do they deposit?

According to the Superintendence of Labor Supervision, the CTS is paid in the first 15 days of the months of May and November. That is, companies have until November 15 of this year to make this depositwhose semester period is as follows:

• From November 1 to April 30: May deposit.
• From May 1 to October 31: November deposit.

CTS 2023: how to calculate the money I will receive?

To calculate the amount of Compensation for Time of Service, you must take into account your basic remuneration, the family allowance (if applicable), the total of overtime hours for the last semester divided by six and the last bonus.

Let’s take an example. If you earn the minimum living wage which is equivalent to S/1,025, the calculation would be as follows:

• Remuneration to be considered: S/1,025
• 1/6 bonus: S/170.83
• Service time: 6 months

The sum of these amounts is equivalent to S/1,195.83, which is divided by 2 and the final result for CTS is S/597.92. If you want to carry out a faster calculation, check the La República calculator HERE.

CTS 2023: until when is there a deadline to withdraw the money?

According to law 31480 that was published in 2022, the last day to withdraw the CTS is December 31, 2023. After that date has passed, workers are limited to accessing said money until they end their contractual relationship with the employer.

It is worth remembering that companies deposit the CTS twice a year. The first was already carried out in May and the second will become effective in November. In the case of the amount to be received, this may vary depending on the salary the worker earns and the time worked in the company.

CTS 2023: how to withdraw this extra money?

If you want to request the disbursement of your CTS, you can do so in person or virtually. You just have to make sure that you are registered and your bank account is active. Next, follow these steps:

• Enter online banking or go to the headquarters of the financial institution where your CTS is deposited.
• If you carry out the procedure in person, go to the bank and use the ATMs, window or go to an advisor with your ID and your account card.
• To make the request, you must specify whether you want to carry out a partial or total withdrawal of the money at the CTS, as well as indicate the account in which you will receive the payment. Then, the bank will have two business days to transfer the amount to the account you indicated.
• If the procedure is through virtual means, you can transfer the money. If it’s between your accounts, it will be quick. But if it is to another bank, it may take a few days.