The CTS is released until the end of the year: the details to know

On Thursday, May 2, it was approved in the Plenary Session of Congress, with 98 votes in favor, that nearly five million formal workers in Peru can access the optional withdrawal of their CTS at 100% until the end of 2024, so it would apply for May and November retreats. Before the first deposit of the CTS and the promulgation and regulation of this new law, La República interviewed different specialists.

1. When will I be able to have my CTS?

Once the law is submitted, the Executive will have 15 business days to observe or promulgate it. If observed within the established days, this would return again to the Labor and Economy commissions of Congress, and then be approved by insistence in the Plenary. In that case, it would be up to Congress to enact the law and, in response, the Executive must regulate it within a period of no more than 10 days.

Let us remember that the Superintendency of Banking, Insurance and AFP (SBS) had already indicated – in the previous withdrawal in 2022 – that it could refrain from publishing any additional regulations. The professor and finance expert at Pacífico Business School, Jorge Carrillo Acosta, emphasized that, unlike the withdrawals of AFP funds, in the case of the CTS, the withdrawal of the money could be made one day after approval and publication of the regulations. Taking into consideration the maximum deadlines, it is estimated that the withdrawal of the CTS would begin in the first half of June.

2. Who accesses the CTS withdrawal?

Of the nine congressmen who voted against, Diana Gonzales pointed out that “the CTS is a right only of formal workers, who only represent 28.9%, according to the National Institute of Statistics and Informatics (INEI).” Meanwhile, the congressman and one of the authors of the law, Segundo Quiroz, explained that this new withdrawal from the CTS, despite not being a benefit that all citizens have, will allow us to counteract the 16% increase in the basic family basket. .

Although all workers in the private labor regime can access the CTS, they must work at least four hours a day and have a full month of service in the calculation period. Also included are agricultural workers who do not collect their CTS together with their remuneration and domestic workers. Those who work in the public sector, those who work less than four hours a day and micro-business workers hired after the company’s registration in Remype are excluded, according to Mauricio Matos, Partner of the Labor Area of ​​EY Peru.

3. How much money would come out of the CTS accounts?

The rule, which would be in force until December 2024, would translate into the potential outflow of more than S/8,926 million 702,000, which is the total amount of CTS deposits until February of this year (not counting the next deposit, which must be carried out no later than Wednesday the 15th in May), according to official figures from the Superintendency of Banking, Insurance and AFP (SBS).

Of this universe, commercial banking comprises S/6,424 million 908,000, while financial companies and municipal savings banks accumulate some S/422,027 million and S/1,905 million 219,000, respectively.

In February 2020, before the arrival of the pandemic and, therefore, before optional withdrawals were approved by Congress, CTS deposits in the financial system amounted to S/21,850 million 491,000. A year ago (February 2023), CTS deposits were half: S/10,230 million 158,000.

4. How can I calculate my CTS deposit?

The CTS is equivalent, on average, to a monthly remuneration received by the worker, but this is deposited at a rate of 50% in the month of May and the remainder in the month of November of each year. In addition, one sixth of the bonus received on each deposit must be considered within each calculation period. For those who receive a variable salary, the amount received between November of the previous year and April (for the May CTS) or from May to October (for the November CTS) is averaged.

Likewise, regarding those who receive some additional, these are included in the calculation only if they have been received on three or more occasions within each period, says Matos.

On the other hand, it is important to emphasize that the employer has the obligation to grant a CTS calculation settlement to each of its workers and this must detail the calculation formula, as well as credit the deposit of the CTS in their account. .

5. How much is the fine for not depositing CTS?

If you do not comply with the CTS deposit within the established period, the Superintendency of Labor Inspection (Sunafil) is the entity responsible for applying differentiated fines as it is considered a serious infraction. “Here three scales of fines will be applied for micro, small, medium and large companies, ranging between S/566 and S/134,518,” said Álvaro Gálvez, manager of the CCL Legal Center. The scales of these fines vary depending on the size of the company and the number of workers affected.

It is important to note that to determine them, the current Tax Tax Unit (UIT) is used as a basis, which is equivalent to S/5,150.

Likewise, companies are obliged to deliver the settlement form to the worker within five days of making the deposit. If they do not do so, they will be incurring a minor infraction whose fines range between S/231.75 and S/80,958.

6. How to make my money profitable?

Maricarmen Alva, parliamentarian and one of the authors of the law, pointed out that 60% of the workers used the money from the last withdrawal for day-to-day expenses and the remaining 40% used it to pay off their outstanding debts or to invest.

In that sense, Carrillo Acosta points out that the least risky option is a fixed-term deposit in a bank, financial institution or savings bank, because its insurance covers up to S/122,420. Currently, the consensus of savings banks regarding fixed-term deposits is between 7% and 7.5%, compared to previous historical levels of 10% to 12% with a higher and much more auspicious reference rate. On the other hand, although cooperatives are a riskier alternative because they do not yet have insurance, they have better profitability, since they can pay up to more than 10% per year. Leaving it in a freely available voluntary contribution account in an AFP would be another option.