The Congress of the Republic has already approved the withdrawal of up to 100% of CTS. With this, citizens who have a savings account in which the Compensation for Time of Service (CTS) is deposited will be able to access these funds without any limit. According to the rule, it will be possible to use the amount until December 31, 2024.
Until before the approval of the extraordinary retirement rule, the CTS It could only be used if the worker was unemployed. With this, the aim was to solve the economic expenses generated during the period in which no income is received.
This process is not the first of its kind. As recalled, through Law No. 31480 approved in December 2022, the free disposal of these savings was also authorized. This option was maintained for one year, since the deadline established in said regulations was until December 31, 2023.
CTS: since when will I be able to withdraw my money?
The bill approved in Congress It is one of the first steps that must be followed so that savers can have access to the money from the Compensation for Time of Service (CTS). To do this, Parliament must first send the PL to the Executive. Then, the longer deadlines will run, since the Government will have up to 15 business days to observe or promulgate the law.
In the event that the president of the Republic, Dina Boluartedecides to enact it, the regulation of the process by the Ministry of Labor and Employment Promotion. However, there is also the option that The president decides to observe the billwhich would mean that this document is returned to Congress, which will extend the start of its execution.
On the other hand, if all deadlines are extended to their maximum permitted by law, the start of the withdrawal of CTS would be given in the first days of June.
CTS Withdrawal 2024: how can I calculate the amount of my funds?
Calculate the CTSIn principle, it can be complicated. Starting from what is established by the standard, it is based on the monthly remuneration and the time of service in the company.
The formula includes an accumulation for every full year of services and a proportion for the additional months, if it does not reach a full year. Additionally, it is important to note that bonuses and other additional amounts may influence the final calculation.
For this reason, La República recommends that you use its CTS calculator. With this tool you can calculate the amount you have to receive in May and November, dates when deposits are usually made by employers. On this website you will only have to enter information such as entry date, work time and other information necessary to establish the money you will receive.
Source: Larepublica
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