CTS withdrawal: until when can you access the money and how to process it?

This year, people who work in a micro, small, medium and large company and receive CTS (Compensation for Time of Services) still have the possibility of withdrawing a part or the total amount of that deposit to use that money for loan payments or maybe to start a business.

Until when will this be possible? Is there a minimum amount? What are the steps you must follow to do the procedure? These are some of the questions that employees probably have. That's why Depor has prepared an article to help you resolve them.

When do they make the next CTS deposit?

Companies deposit CTS twice a year, the first one in May (already done) and the next one in November (the 15th of that month is the deadline to do it). Remember that the amount can vary, as it depends on your time in the company and the salary you receive.

Until when can you withdraw your CTS?

The last day to withdraw the CTS is December 31, 2023. Remember that if you resigned or were fired, you don't need to rely on the regulation to do that procedure. Also, after that date, workers will be able to withdraw their CTS if they have accumulated more than four salaries.

What is the amount you can withdraw from your CTS?

Currently, there isn't a specific amount that workers can withdraw. Actually, the amount depends on the balance you have in the account and the money you need to have available. Remember that as long as the law remains in force and you have a balance in your account, you can withdraw the amount you want and also as many times as you want.

What do you need to withdraw your CTS?

This procedure can be done in person or online (through the bank's app). To choose the right one, you must take into account the desired amount and also the bank where your money is.

In person

Go to the bank where you have your CTS account and use their ATMs or go to the teller's window if the amount is more than 2,500 soles. Remember that to do the procedure with an advisor, you must bring your ID and the account card.

From a website or app

Download the app of the bank where your money is and look for the transfer between accounts option. You should know that if the money will be sent to another bank, you will probably be charged a commission that will be deducted from your compensation for time of services. To do the procedure online, you only need to access the website of the banking entity.