CTS withdrawal 2024: on what date will I receive the second deposit from my employer?

More than 6 million workers are getting ready to withdraw 100% of their Compensation for Time of Service (CTS) starting this Monday, May 27. According to Supreme Decree 003-2024-TR issued by the Ministry of Labor and Employment Promotion, citizens registered on payrolls will be able to have their money in their respective deposit account.

Another alternative they have is to request, through digital channels, that “the financial institution make the transfer to the accounts indicated, within a period of no more than two business days.” As is public knowledge, employees registered on the payroll receive the CTS payment twice a year and the second payment is still pending.

CTS withdrawal: when do you deposit this benefit again?

Compensation for Time of Service (CTS) is a social benefit that seeks to protect workers registered on the payroll against future contingencies, such as dismissals or resignations. The first deposit date expired last Wednesday, May 15 and now the second of them is pending, corresponding to the following semiannual period:

• Friday, November 15: A calculation is made for the time worked between the months of May and October.

Who can withdraw their CTS this 2024?

According to the regulations of the law that authorizes the free disposal of 100% of the Compensation for Time of Service (CTS), the following workers will be able to access their funds until December 31 of this year:

• 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.
• 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.
• 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.

How to request the withdrawal of the CTS from this May 27?

In accordance with article 3 of the regulations of the Law that authorizes formal workers to make the partial or total withdrawal of their CTS throughout 2024, this is the procedure:

• Employees have the possibility of making withdrawals, either total or partial, from the available balance in their CTS deposit account.
• Another alternative that workers have is to request through digital means the corresponding entity to make the transfer to the CTS account that they specify.
• Various entities such as 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, may order the transfer, in accordance with the limits and conditions established in the applicable regulations, as well as as well as the operations they perform.
• Once the request is received, the financial institution proceeds to make the transfer to the designated workers’ accounts, within a maximum period of two business days.

Until when can the CTS be withdrawn in 2024?

Last Friday, May 17, the government of Dina Boluarte published in the official newspaper El Peruano the law that authorizes a new withdrawal of 100% of the Compensation for Time of Service (CTS), which would mean an outflow of a little more than S/8,500 million.

After nine days, the scope of the regulations approved by the Ministry of Labor and Employment Promotion (MTPE) were known. In that sense, formal workers will be able to access the money accumulated in their CTS accounts from Monday, May 27 until December 31, 2024.