Financial entities pay up to 7.5% for CTS deposits

This November 15th expires the deadline for companies to comply with the deposit of compensation for time of service (CTS) to their workers registered on the payroll and who are subject to the labor regime of private activity.

For this payment It is estimated that companies will make a disbursement of S/2,500 million and benefit around four million workers, according to Jorge Carrillo Acosta, professor at Pacífico Business School.

Cost effectiveness

Given the upcoming arrival of this payment, many workers choose to transfer the resources deposited in their CTS account to an entity in the financial system that offers a higher interest rate, so that this money grows in the medium and long term.

According to the Superintendency of Banking, Insurance and AFP (SBS), the annual effective yield rates (TREA) can reach up to 7.5%. The entities that offer the best profitability are the Piura and Sullana banks.

They are followed by Caja Huancayo (7.25%), CRAC Los Andes (7%) and CRAC Cencosud Scotia (7%). The other financial companies offer an ERR below 7% (see infographic).

According to Jorge Carrillo Acosta, although the interest rates on CTS accounts are not bad at all, They still remain below what financial institutions currently pay to its savers for fixed-term deposits (9.25%).

According to the finance expert, the financial system paid up to 8.75% to capture the CTS because this account could not be withdrawn in its entirety until the person was separated from the company. However, this lock was exceptionally removed until December 31 of this year, which caused less interest to be paid for this product, since the money could be withdrawn at any time.

“This law meant converting the CTS account into one of free availability and it was an adverse effect. Term deposits have increased in rate and reach more than 9%, and the CTS has been decreasing and they do not pay more than 8%,” explains Carrillo Acosta.

Rates could rise

Less than two months before the free availability of the CTS ends, the professor at the Pacífico Business School comments that, once this financial product is restricted again, entities will begin to raise their prices again. interest rates to capture workers’ resources.

However, given the possibility that Congress extends the maximum period to withdraw 100% of the CTS, it would take longer to reach maximum profitability again.

“The release of the CTS is not eternal, it is until December, although there is a bill to extend it until next year; But, in any case, at some point it will return to its intangible origin and at that moment the interest rate will begin to rise. The ideal is not to touch that money if you want to continue saving it,” he recommends.

Sunafil will verify if the company made a CTS deposit

Sunafil reported that it has carried out 12,945 inspections to verify that companies comply with the CTS deposit. These visits have been taking place since January to date, and include attention to complaints, as well as unexpected operations, carried out in different regions of the country.

Likewise, the entity recalled that The CTS cannot be conditioned to the worker’s productivity, since otherwise an act of hostility would be committed. Furthermore, if the deposit is not made, a serious infraction will be incurred.

To access this benefit, workers They must be registered in the electronic payroll, work four or more hours a day and have worked for a month or more in the same workplace.