The President of the Council of Ministers, Gustavo Adrianzén, announced at a press conference that in the coming days the law will be promulgated that authorizes formal workers to freely dispose of 100% of the Compensation for Time of Service (CTS) until December 31. December 2024.
“We are in a position to inform citizens that the law will soon be enacted that authorizes workers to freely use the CTS in order to cover their needs due to the current economic crisis. It is the decision that has been made in the Council of Ministers and in the coming days, this norm will be promulgated,” said the head of the PCM.
Executive Branch announces promulgation of CTS retirement law
After several weeks, the president of the Council of Ministers, Gustavo Adrianzén, informed the public that in the coming days the law will be promulgated that authorizes for one time the extraordinary and optional withdrawal of 100% of the Compensation for Time of Service up to end of 2024.
“In the coming days the rule will be promulgated. We are simply awaiting instructions from the Presidential Office so that the promulgation can be carried out”Adrianzén added.
As recalled, the Plenary Session of Congress approved last Thursday, May 2, this rule that expands the free availability of CTS deposits and that, after its publication in the official newspaper El Peruano, must be regulated by the Ministry of Labor in a period of no more than 10 days. It is estimated that the first withdrawals could be made in the first days of June, at the latest.
CTS Withdrawal: until when does the Executive have time to enact the law?
The government of Dina Boluarte has a period of 15 days to authorize the publication of the law that authorizes the withdrawal of 100% of the CTS in the official newspaper El Peruano. In that sense, the deadline for the Executive Branch to implement its decision communicated at a press conference expires next Friday, May 24. However, this could be brought forward in the coming days and with this, nearly five million formal workers would benefit.
Who can access the CTS withdrawal this 2024?
All 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 CTS payment. Likewise, other direct beneficiaries are those who work in the agricultural regime who do not receive this economic benefit with their remuneration, as well as domestic workers.
CTS 2024: what is the fine for companies that fail to pay?
Failure to pay the CTS within the period established by law constitutes a serious administrative infraction that entails a differentiated fine from Sunafil, according to the number of workers affected. According to Pamela Duffy, from Dentons Perú, the Regulations of the General Labor Inspection Law establish a series of economic sanctions, ranging from S/556.5 to S/134,518.
Source: Larepublica
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