CTS for May 2024: Last Payment Date and Beneficiaries | Answers

Currently, compensation for service hours (CTS) is a benefit given to workers Peru, as it is specified in national law. This bonus, which is given twice a year, is meant to help them if they are unemployed. Although the respective deposit is only a few weeks away, below we explain how to calculate this amount.

When will you deposit CTS 2024?

Below, we provide two dates on which companies are required to deposit CTS:

  • During the first 15 days of May (upto May 15).
  • 15 days from November (up to 15th November).

How to Calculate CTS 2024 Fee?

According to Mauricio Matos, associate partner of EY Peru's labor sector for the Andina agency, he explained how to calculate the CTS:

  • For an employee receiving an imprecise or variable prime salary, the CTS results from the average salary earned by the employee over the six months covering each period. Hence, the salary is averaged from November to April (May CTS) or May to October (November CTS).
  • If an employee who receives a fixed salary but receives an irregular or variable supplementary salary, i.e., because of overtime, received 3 or more times in November of the previous year, these amounts are included in the calculation in the period up to April (May CTS) or in the period from May to October (Nov. CTS). In this way, the concepts are added and divided by 6.

To calculate the amount, you need to take into account the monthly salary received by the worker, and then add 1/6 to the bonus (divide the bonus by six). The total is divided by 360 and then multiplied by the number of days worked (for the entire semester, it would be 180 days).

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Who gets CTS in Peru?

  • All employees of the private sector who work for at least four hours every day.
  • Employees of small businesses who receive 15 per diems for a full year of service. Maximum daily wage is 90.
  • In case of agricultural workers, CTS is included in daily wages at the rate of 9.72% of basic pay. However, as in the general labor regime, the employee can claim payment on a differentiated and semi-annual basis.
  • Recently domestic workers have also been added. They should be paid CTS wages under the same conditions as the general labor regime.

What happens if the company does not pay CTS?

National Supervision of Labor Supervision (Sunafil) If workers do not deposit CTS by the date of establishment, it is considered a serious offense for which they can get sanction as follows:

  • Small Company: Fines range from 0.45 to 4.50 tax units (UIT), between S/2,070 and S/20,700.
  • Non-MIB Institutions: Monetary penalties range from 1.57 to 26.12 UIT, which equates to amounts between S/7,222 and S/120,152.

What is CTS?

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

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