The autograph authorizing the total release of compensation for time of service (CTS) is already in the power of President Dina Boluarte for promulgation or possible observation. The Executive Branch has a maximum period of 15 business days to officially issue its decision. On May 2, the Plenary of Congress approved the law of withdrawal of the CTS 2024 with a total of 98 votes in favor. This measure seeks to ensure that private sector workers in Peru can face their financial needs derived from the current economic crisis.
According to the replacement text, the free availability of these money It will be valid until December 31, 2024. Currently, many workers must have already received the money from their CTS in their accounts. However, it is not yet possible to withdraw that amount. When will it be possible?
At what point will the CTS be released?
The process for the release of funds from the compensation for time of service (CTS) It hasn’t started yet. If the Executive decides to enact the law without observations, Peruvians could begin to access the money as of June 4, 2024. In the event that the Executive observes the law, the schedule would follow other steps.
The signature of the law was sent to the Executive Branch on May 3, 2024, with a maximum deadline of May 24 for its promulgation or observation. If observed, Congress would have until June 6 to approve the law at its insistence, which would lead to its promulgation in the official newspaper El Peruano on June 7. The Ministry of Labor would subsequently publish the regulations on June 17, allowing withdrawals to begin on June 18, 2024.
CTS account in the BCP: what is it about?
To access your money CTS, you can opt for an account at BCP. To open it, you must access the official website of the Banco de Crédito del Perú and go to the accounts section CTS to select the ‘CTS account opening’ option.
Then, you must complete a form with personal and work information and attach the necessary documentation, such as the identity document and the RUC number of the company where you work. After reviewing and confirming the information provided, once the request is approved, you will receive confirmation of the opening of your CTS account and you can start enjoying its benefits.
What is the purpose of CTS?
The compensation for time of service (CTS) In Peru, its purpose is to provide economic support to workers in case of unemployment. This fund acts as insurance that accumulates money during the worker’s period of employment. This amount is deposited semiannually by employers in special accounts opened in authorized financial entities.
Thus, in situations where the worker is forced to cease his work activities, he can use this fund to sustain his economy while he searches for new employment opportunities. In addition, it serves as a stimulus so that workers can save and better manage their financial resources.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
