Congress: more than S / 11,000 million could be withdrawn from the CTS

Last Thursday, the plenary session of the Congress the third withdrawal of 100% of the compensation for time of service (CTS), a rule that would be in force until December 31, 2023.

At the end of March, deposits for CTS in the financial system they reach S/ 11,134 million 518,000, according to the monthly report of the Superintendence of Banking and Insurance of Peru (SBS). In February of this year, the entity reported that the workers withdrew S / 9,438 million as of December 2021, a provision that was in force since May 4 of last year.

road to approval

After its approval in plenary with 107 votes in favor, the sending of the autograph of the law to the Executive for its promulgation is pending, for which he has 15 days.

However, it is possible that the Executive will observe the rule and return it to Congress. Therefore, it would be left to the Labor and Social Security Commission to debate the observations made, accept or approve by insistence. In this way, the proposal would return to the plenary session for voting, in which it is likely that it will be voted in favor again, says Melvin Escudero, an economist and professor at the Pacífico Business School, since it is a measure that has been approved twice before. opportunities, exactly.

After the official publication of the law in El Peruano, the Executive will have 10 days to dictate the necessary regulations for its application. In this regard, Escudero points out that the logical thing will be to copy the modality of previous withdrawals.

In the event that the same operating modality is applied, the worker may freely dispose of the CTS deposits that he has accumulated and the entity in charge must make the transfer within a period not exceeding 2 business days.

Likewise, withdrawals may be total or partial, in their respective deposit account; or it can also be requested remotely, and that the financial entity makes the disbursement through transfers to the accounts of the worker that he indicates.

The specialist recalls that the CTS is an insurance mechanism created in the labor legislation to protect the worker and provide financial support in the event that he becomes unemployed. For this reason, he recommends “that the population that is going to have this retirement opportunity should think twice. If you are not in a precarious situation, you are under no obligation to do so. On the other hand, if he decides to withdraw it, he could move it to the bank that pays him the best interest rate”, he points out.

Finally, congresswoman Digna Calle, from Podemos Peru, urged the president of Congress, María del Carmen Alva, to sign the autograph as soon as possible and send it to the Executive for signature and publication.

Tips for Managing CTS Money

Saving money for any unforeseen or future expense is a good habit that will help you be prepared for any upcoming spending situation, says Ricardo Kanna of Banco Pichincha.

Limit consumption, spend what is necessary to continue increasing the capital for new challenges and establish a list of payments in order of priority.

Finally, the specialist recommends avoiding spending the money in advance. It must be remembered that a successful saver will never spend more than they receive. The “ant” expenses are often the worst enemy of savings and especially if they are made on credit.