The Executive Branch approved the regulations of Law 32027, which authorizes formal workers to freely dispose of 100% of the Compensation for Time of Service (CTS) until December 31 of this year. In this way, more than 6 million Peruvians could benefit from this regulation that seeks to cover their needs due to the current economic crisis.
Through Supreme Decree 003-2024-TR, published this Sunday, in the official newspaper El Peruano, the Ministry of Labor and Employment Promotion (MTPE) establishes that workers included within the scope of the Single Ordered Text of Legislative Decree 650 , Compensation Law for Time of Service, approved by Supreme Decree 001-97-TR, will be those who can access these CTS deposits made by financial entities.
Likewise, workers of State companies subject to the labor regime of the Single Ordered Text of Legislative Decree No. 728, Labor Productivity and Competitiveness Law, approved by Supreme Decree No. 003-97-TR will be affected; and civil servants of public sector entities subject to the labor regime of the Single Ordered Text of Legislative Decree No. 728, Labor Productivity and Competitiveness Law, approved by Supreme Decree No. 003-97-TR.
Regulations for CTS 2024 withdrawal published
The Ministry of Labor made official this Sunday, May 26, Supreme Decree 003-2024-TR that approves the regulations of the law that empowers formal workers to use 100% of their CTS until December 31 of this year. Said legal device establishes that citizens can make these withdrawals, total or partial, of the amount available in their respective deposit account.
For this, the workers They have the possibility of requesting by digital means the corresponding entity to make the disbursement through transfers to the account they indicate.
Among these institutions that can order the transfer are companies in the financial system, savings and credit cooperatives not authorized to collect resources from the public or operate with third parties, or electronic money issuing companies.
“Received the request for disbursement Through transfers, the financial institution makes the transfer to the accounts of the worker indicated by him, within a period of no more than two business days,” concludes the supreme decree.
The norm is signed by the President of the Republic, Dina Boluarte; the head of the Council of Ministers, Gustavo Adrianzén; and the Minister of Labor and Employment Promotion, Daniel Maurate.
100% CTS withdrawal: when will I be able to access my money?
After publishing the regulations by the Ministry of Labor and Employment Promotion, formal workers will be able access the withdrawal of your money accumulated in your CTS accounts from this Monday, May 27.
Unlike the disbursement of AFP funds, the free disposal of the CTS can be made from the day following the entry into force of the legal system.
Although the Superintendency of Banking, Insurance and AFP (S.B.S.) has the power to issue complementary regulations, in the last optional withdrawal until December 2023 it declined to carry them out.
It is worth mentioning that more than 6 million workers would benefit from the withdrawal of the CTS. Of these, 4 million 552,491 are in commercial banks, 1 million 866,879 in municipal savings banks, 100,011 in rural savings banks and 422,027 in financial companies.
Who can access the CTS withdrawal?
Compensation for Time of Service (CTS) is a right of workers intended to function as a contingency fund at the time of dismissal or separation from employment. The deposit of this money corresponds to employees who are subject to the labor regime of private activity and who comply, on average, with a minimum working day of four hours a day.
In addition to those mentioned, other direct beneficiaries are the employees of the agrarian regime who do not receive this economic benefit with their remuneration, as well as domestic workers.
CTS withdrawal: what is the procedure to access my money?
As in previous opportunities, formal workers who wish to withdraw 100% of your CTS They can do it taking into account the following recommendations:
- Contact the bank where your employer deposits your CTS or the human resources area of the company where you work.
- Check your CTS account balance and make sure you know the exact amount you have.
- Choose the amount you want to withdraw, which can be total or partial.
- You do not need to submit an application, unlike the AFP withdrawal.
- Remember that you can withdraw your CTS through the internet banking of the financial institution where you are, making a transfer to the savings account of the same bank or another.
- From the selected destination account, you can carry out all the operations or transfers you want.
- Also, you can go in person to the banking agency or savings bank where your CTS deposits are made to make the withdrawal. Remember that you must bring your ID and the debit card linked to the CTS account.
- Go to an ATM and make the withdrawal with the debit card associated with the CTS account.
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.
