CTS 2024 Deposit Dates and Calculation Guide – Everything You Need to Know

2024-04-12 15:41:31

Currently, Compensation for Time of Service (CTS) is a benefit granted to workers in Peru, as it is stipulated in national law. This bonus, which is given to employees twice a year, is intended to help if they are unemployed. Although there are a few weeks left for the respective deposit, below we explain how to calculate this amount.

WHEN DO YOU DEPOSIT THE CTS 2024?

Below, we present the two dates on which companies are required to make the CTS deposit and these are:

• During the first 15 days of May (Maximum until May 15).
• During the first 15 days of November (Maximum until November 15).

HOW TO CALCULATE THE CTS 2024 PAYMENT?

According to information from Mauricio Matos, associate partner of the Labor Area of ​​EY Peru, for the Andina agency, he explained how to calculate the CTS in this way:

• For an employee who obtains an imprecise or variable main salary, the CTS will be the result of the average salary received by the worker in the six months that comprises each period. Therefore, the salary is averaged from November to April (May CTS) or from May to October (November CTS).
• That employee who receives a fixed salary but has imprecise or variable complementary remuneration, that is, has overtime, so these amounts will be included in the calculation as long as they have been received 3 or more times in the November period of the year. prior to April (May CTS) or in the period from May to October (November CTS). In this way, the concepts are added and divided by 6.

It is important to mention that, to calculate the amount, you must take into account the monthly salary that the worker receives, then add 1/6 of the bonus (dividing the bonus by six). The total is divided by 360 and then multiplied by the days worked (for the entire semester, it would be 180 days).

WHO RECEIVES THE CTS IN PERU?

• All employees of the private regime who work, at least, a four-hour day every day.
• Employees of small businesses who receive 15 daily payments per full year of service. The maximum daily remuneration is 90.
• In the case of agricultural workers, the CTS is included in the daily remuneration at a rate of 9.72% of the basic salary. However, the employee can request the payment in a differentiated and semi-annual manner, as in the common labor regime.
• Domestic workers have recently been included. They must be paid the CTS under the same conditions as the common labor regime.

WHAT HAPPENS IF THE COMPANY DOES NOT PAY THE CTS?

The National Superintendency of Labor Supervision (Sunafil) informed workers that if they do not deposit the CTS within the established date, this is considered a serious offense for which they might receive a sanction as follows:

• Small business: the fine ranges from 0.45 to 4.50 tax units (UIT), between S/2,070 and S/20,700.
• Non-Mype companies: the monetary penalty ranges from 1.57 to 26.12 UIT, which is equivalent to amounts between S/7,222 and S/120,152.

WHAT IS CTS?

The CTS, also known as Compensation for Time of Service, is a work benefit that is established in our country. Here a savings fund is opened where employers have to deposit in a bank account in the name of their workers so that their economic stability can be ensured whether if they are out of work or for other cases.

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