What are the steps to calculate the CTS that you will be paid in November?

There are only a few weeks left for companies to make the payment of Compensation for Time of Service (CTS), a labor benefit that is deposited twice a year to workers registered on the payroll and that serves as a savings fund in the event of dismissal situations. or resignation.

In the following note from La República, learn how to calculate the CTS, until when you can withdraw this amount and how much money you should receive if you work in a small, medium or large company. Take note of all the details!

CTS, November 2023: when do they deposit the amount?

According to the National Superintendency of Labor Supervision (Sunafil), next Wednesday, November 15, the deadline expires for micro, small, medium and large companies to deposit their workers with the Compensation for Time of Service (CTS), which corresponds to the semiannual period. from May 1 to October 31, 2023.

Who will receive the CTS payment in November?

Compensation for Time of Service is a deposit made by the employer to its workers to provide financial support in case they suffer a possible loss of work. Below, find out who will be able to receive this amount on November 15:

• Workers who are subject to the labor regime of private activity who work a minimum day of 4 hours a day
• Small business workers are entitled to this compensation, calculated at a rate of 15 daily remunerations per year of service, with a limit of 90 daily remunerations.

Who is exempt from receiving the CTS in November?

According to law, the following are not entitled to receive payment of Compensation for Time of Service:

• Workers who work less than four hours a day
• Workers who receive full annual remuneration
• Those who receive 30% or more of the rates paid by the public
• Workers in the agricultural labor regime who have chosen to collect their CTS together with their remuneration (Law No. 30110 and DS No. 005-2021-Minagri)
• Microenterprise workers hired after the company registered with Remype.

On what dates is the CTS 2023 deposited?

According to Sunafil, the CTS must be paid in two installments of 50% each in the first 15 days of May and November, respectively.

• The first payment of the CTS 2023 covers the period from November 1 to April 30 and must be made on May 15
• In the case of the second deposit, companies have until November 15. This payment corresponds to the period from May 1 to October 31.

How to calculate the amount of CTS that corresponds to me?

To calculate the amount you should receive in November through CTS, you must consider the type of company and the time worked in the semiannual period. If you want to do an effective mathematical operation, we recommend using the La República calculator. To do this, you will have to record the date you started work, your gross salary, the countable period of work and whether you receive the family allowance. Below, we show you an example if you earn the minimum living wage:

• 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 two. Therefore, the final result that you will see on your CTS payment slip is S/597.92.

CTS 2023: what are the steps to withdraw this amount?

If you want to withdraw your CTS, you can do so in person or through the virtual means provided by the financial institution where this compensation is deposited. Pay attention to the following steps:

• Send a request to the financial institution where your CTS is deposited. If the procedure is in person, go to the bank and use its ATMs, window or talk to an advisor. Carry your ID and account card. Don’t forget to specify if you want to make a partial or total withdrawal of the money in the CTS, as well as the account in which you will receive the payment.
• The company will have two business days to transfer the money to the indicated account.
• If the procedure is virtual, download the application of the bank where your money is and look for the alternative of transferring between accounts. Remember that if the money is sent to another bank, they may charge you a commission that will be deducted from your CTS. To carry out this virtual operation, you only need to enter the bank’s page.

CTS 2023: until what date can I withdraw my money?

According to Law No. 31480, Peruvians will be able to freely dispose of 100% of the CTS until December 31, 2023. After the date has passed, workers will not be able to access said amount until they end their contract with the employer.