After the president of the Council of Ministers, Gustavo Adrianzén, announced that they will not observe the law’s signature on the provision of 100% of the Compensation for Time of Service (CTS) and that in the coming days it will be published in the newspaper El Peruano, formal workers are interested in knowing when they will be able to withdraw their money.
It is necessary to indicate that, last Thursday, May 2, the bill with 98 votes in favor and, according to regular procedure, the Executive has until Friday the 24th to promulgate the rule. Although the deposit of this amount was scheduled until May 15 at the latest, it is not yet possible to withdraw this sum. Below, we show you what the tentative date would be.
When do they release the CTS?
The process for the release of Compensation for Time of Service (CTS) funds has not yet begun. If the Executive Branch promulgates the law without making observations, the Peruvian citizens could begin to have the money as of June 4, 2024.
However, if the Executive decides to observe the law, the procedure would adopt a series of alternative steps.
The bill was delivered to the Executive on May 3, 2024, with a deadline that extends until the 24th of the aforementioned month for its promulgation or comments on it.
In the scenario where observations are presented, Congress would have until June 6 to ratify the law at its insistence, which would lead to its officialization in El Peruano on June 7.
Next, the Ministry of Labor would be responsible for publishing the relevant regulations on June 17, 2024, which would enable the start of withdrawals of funds as of the 18th.
What did the Executive say about the withdrawal of the CTS?
Within the framework of the expiration of the deadline for companies to make the first deposit of the Compensation for Time of Service, the president of the Council of Ministers, Gustavo Adrianzén, informed the public that in the coming days the law that authorizes the extraordinary and optional withdrawal of 100% of this economic benefit only once until the end of 2024.
“In the coming days the rule will be promulgated. We are simply waiting for instructions from the presidential office so that the promulgation can be carried out,” Adrianzén added.
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 5 million formal workers would benefit.
When do they deposit the CTS 2024?
CTS deposits are made twice a year, in the months of May and November. This regularity ensures that dependent workers accumulate a reserve fund that offers economic protection in situations of unemployment.
It should be noted that CTS is intangible. Their withdrawal is only permitted under specific conditions dictated by law, such as the termination of the employee’s employment relationship.
Source: Larepublica
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