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The CTS withdrawal has already been approved: why can’t I still collect the money from my BCP, BBVA and other banks account?

The CTS withdrawal has already been approved: why can’t I still collect the money from my BCP, BBVA and other banks account?

On May 17, the law that allows the withdrawal of the CTS was made official. In this way, it is possible to get 100% of the compensation for length of service. With this, some 5 million Peruvians will be able to obtain an economic benefit to mitigate the effects of the economic recession.

However, workers still cannot withdraw the money from BCP, BBVA and other banks. Why is this and when can the accumulated amounts in the CTS accounts be collected?

What is missing to be able to withdraw the CTS?

The Executive Branch must approve the corresponding regulations in the coming days, in accordance with the provisions of the published standard. The Ministry of Labor and Employment Promotion is expected to approve said regulation no later than Monday, May 27, 2024.

From that date, access to the accounts of CTS, and workers will be able to begin making withdrawals from Tuesday, May 28, 2024. This process will be in effect until Tuesday, December 31, 2024, as provided by law. It should be noted that workers will be able to freely dispose of 100% of the deposits CTSincluding funds deposited through November 15, 2024.

CTS calculator: so you can know how much you have to receive

The calculation of the compensation for time of service (CTS) It is done in the following way, for those who have worked for a full period:

  • CTS = 50% of the monthly salary (without discounts) + 1/6 of the bonus received in the period + 1/6 of the total overtime hours + family allowance (if applicable)

For workers with variable pay, the CTS It is calculated by means of an average of the total salary received in the calculation period.

What happens if the company I work for does not pay the CTS?

The National Superintendency of Labor Supervision (Sunafil) affirms that not depositing the CTS within the established date is considered a serious offense, which could lead to large financial penalties depending on the size of the company.

  • Small business: the fine ranges between 0.45 and 4.50 tax units (UIT), which is equivalent to amounts between S/2,070 and S/20,700.
  • Non-Mype companies: the monetary penalty varies between 1.57 and 26.12 UIT, which represents amounts between S/7,222 and S/120,152.

What is the purpose of CTS?

The CTS Its main purpose is to provide an economic guarantee to workers in the event of unemployment. This benefit, which is deposited semi-annually by employers into bank accounts in the name of workers, acts as a financial support fund to provide economic security during periods of work inactivity.

In addition, this system encourages savings and can be used by employees in various circumstances, such as when purchasing a home or in emergency situations, thus increasing their general well-being and financial stability.

Source: Larepublica

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