Last Sunday, May 26, the Government headed by Dina Boluarte published the regulations that authorize the free disposal of 100% of the CTS for all formal workers in Peruvian territory. Through the Supreme Decree 003-2024-TR This rule was made official, authorizing the withdrawal of this amount until December 31, 2024.
Although the law aims to benefit more than 6 million Peruvians, there are doubts about this labor law, one of them regarding whether people who for various reasons stopped working on the payroll will have the possibility of accessing this economic benefit. Doubt that we will then acquit.
Can I withdraw my CTS if I don’t have a job?
When you conclude your employment relationship with the company where you were working, the human resources department will give you a termination notice that authorizes the total withdrawal of your Compensation for Time of Service (CTS). With this letter and your ID in hand, you can go to a bank and request the withdrawal of your money easily and without setbacks.
How do I know if I have CTS if I lost my job?
If you no longer work for a company and want to know if you still have CTS, there are several ways to obtain this information. Here we explain how:
- Consult the financial institution: Go to the financial institution where your company deposited your CTS. You can request information directly at the window or use online banking to obtain details about your balance.
- Turn to the financial area of the company: Another option is to contact directly the financial area of the company where you worked. Ask if there is any outstanding balance on your CTS account.
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.
Who does not receive CTS?
In accordance with current regulations, the following are not entitled to receive payment of Compensation for Time of Service:
- Workers who work less than four hours a day
- Workers who receive full annual remuneration
- Those who receive 30% or more of the rates paid by the public
- Workers in the agricultural labor regime who have chosen to collect their CTS together with their remuneration (Law 30110 and DS 005-2021-Minagri)
- Microenterprise workers hired after the company registered with Remype.
What is CTS?
Compensation for Time of Service (CTS) is a work benefit in Peru which aims to provide economic protection to workers in the event of termination of employment. It is equivalent to approximately one salary per year worked and is deposited twice a year, in May and November, into a bank account in the worker’s name. This compensation helps ensure that employees have financial support during periods of unemployment.
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.
