CTS WITHDRAWAL 2024 in Peru: when it is paid and the latest we know about the 100% release of funds

Many Peruvians eagerly await the payment of Compensation for Time of Service (CTS), a bonus that is deposited twice a year and that serves to protect workers registered on the payroll against future contingencies such as layoffs or resignations.. Although there are less than two months left for the payment of this benefit to become effective, thousands of employees seek to know all its scope to plan their finances.

Although Law No. 31480 authorized workers to freely withdraw 100% of the CTS until December 31, 2023, this period has already expired and, as of this year, the intangibility of this bonus returned up to the equivalent of four worker remunerations. However, there are some legislative initiatives in Congress that seek to extend it again until 2025, but none of them have been debated in the Plenary Session of Congress.

When do they deposit the CTS 2024?

Workers who are subject to the private activity labor regime and who comply, on average, with a minimum working day of four hours a day, will receive the next deposit from the CTS. According to the National Superintendency of Labor Supervision (Sunafil), Employers have until May 15 of this year to make the deposit of this labor right, which is equivalent to an annual remuneration and is paid in two parts. Below, find out the respective semester period:

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

CTS: how to calculate the amount that corresponds to me?

According to Pamela Duffy, partner in the labor area of ​​Dentons Peru, the amount of Compensation for Time of Service varies depending on the type and size of the company.

Medium and large company

The specialist indicates that, if a worker worked the entire semester, The CTS is calculated considering 50% of the gross salary, plus one sixth of the bonus received in December 2023. If you have not performed your work in said period, for each month worked, you will receive one sixth of the salary multiplied by the 30 days of employment, plus one sixth of your bonus.

Next, review the following example if the worker has 4 months of service and receives a salary of S/1,500:

1. 1/6 salary: S/250
2. For the 4 months worked: S/1,000
3. 1/6 bonus: S/250
4. 1/6 is multiplied by 4 months of salary, plus 1/6 of bonus: S/1,000 + S/250 = S/1,250.

Additionally, if you want to know how much you should earn in May, you can use the La República calculator. Don’t forget that you must record various information such as the date you started work, gross salary and whether you receive family allowance.

Small company

According to the Lima Chamber of Commerce, there are three cases related to the payment of the CTS in small businesses:

1. If the small company is not registered with Remype, all its old and new workers will be entitled to the CTS in accordance with the general rule that applies to medium and large companies.
2. If the small business is registered with Remype, workers hired before its registration may receive the CTS payment.
3. If the worker has been hired after the company registered with Remype, his CTS will be 50% of what is obtained in the general regime.

Microbusinesses

1. If the microenterprise is not registered with Remype, all its workers will have the right to receive the CTS under the general rule.
2. If the microenterprise was registered with Remype, workers hired before registration can receive the CTS payment under the general rule.
3. If the workers were hired after the microenterprise was registered with Remype, these collaborators do not have the right to the CTS.

Is there free availability to withdraw the CTS?

December 31, 2023 was the last day on which Peruvians had the possibility of freely disposing of 100% of their CTSthanks to the provisions of Law No. 31480, which was published on May 25, 2022, during the COVID-19 pandemic.

However, various congressmen have presented 10 bills to extend the CTS withdrawal period, which implies that formal workers can access 100% of this amount accumulated in their accounts. Three of these initiatives are already included in an opinion of the Labor and Social Security Commission that was approved by a majority on Tuesday, November 7 of last year.

About, This legislative proposal seeks to extend the validity to release this economic benefit until December 31, 2024. But, the Ministry of Labor and the Superintendency of Banking, Insurance and AFP (SBS) have been against the ruling because it would be distorting the objective of this employment benefit; since it is a precautionary mechanism in the event of any contingency situation resulting from layoffs or termination.

Finally, since October 2023, three new bills have been presented to support this request, three for access until the end of 2025 (with the last one being presented), and one for withdrawal until December 31, 2026.

CTS 2024: how much is the fine for not making the deposit?

According to Pamela Duffy from Dentons Perú, failure to comply with the CTS deposit within the legal deadline constitutes a serious administrative infraction in socio-labor matters. In that sense, she states that the Regulations of the General Labor Inspection Law establish that companies can receive fines, which are differentiated taking into account the size of the organization.

“They range from S/566.5 to S/ 134,518. Sunafil is in charge of applying these sanctions if it determines the existence of violations due to the lack of deposit of the CTS”he sentenced.