Companies have a deadline to pay this benefit to their employees until November 15. Know until what date you can withdraw this money.
Some four million formal workers in the private sector will be able to access the CTS withdrawal in November 2022. In this way, this will be the second deposit of the year in their compensation account for time of service (CTS).
If you are interested in knowing if you are in the group of employees who will be able to access the CTS withdrawal in the month of November, in this note we will tell you all the details.
Who will be able to access the disbursement of the CTS?
The Compensation for Time of Service (CTS) is paid only to workers in the private labor regime who work, on average, at least a minimum daily shift of 4 hours.
When do you pay the CTS 2022?
The deposit is made in a bank chosen by the worker in an account in his name. Employers have until November 15 to deposit the part corresponding to the May-October semester.
What is the CTS?
The CTS is a social benefit to provide for the contingencies that cause the termination of employment for the worker and his family, and is similar to unemployment insurance, explained to La República the lawyer Eric Castro, partner of the Labor Area of Miranda & Loved.
How to calculate the CTS?
The labor lawyer details that the amount is equivalent to 1.17 monthly remunerations for each year of service (9.72% of the monthly remuneration) and is paid in two parts: in May and November. He adds that “the CTS does not affect any contribution or tax.”
When to withdraw CTS 2022?
According to Law No. 31480, enacted in May of this year by the Executive Branch, all workers included in the Law on Compensation for Time of Service agree to the withdrawal of their funds.
According to the norm, until December 31, 2023, the CTS funds that the workers have accumulated at the date of disposition in the financial entities may be withdrawn.
How is it done to remove the CTS?
To withdraw the CTS you must first verify the availability of funds. Workers who meet the requirements will be able to consult the disposition of their money through the mobile device or by telephone from the bank of the company in which they work and which deposits the respective salary. Here you can check the contact numbers:
How to calculate CTS if I have been working for less than six months?
If you have been working for less than six months, the calculation will be made proportionally to that period. For example, if you have only worked four months, the CR would be multiplied by four and divided equally by 12. Also, if you had worked less than a month on November 15, you would not receive CTS, but the days worked would be added to the amount of the following period, that is to say for the May deposit.
In which months do they pay the CTS?
May and November are the months for the payment of Compensation for Time of Service. Regarding the exact date for the deposit, this will depend on the employer.
Source: The Peruvian