CTS 2024: How long until the opinion is approved?

Representation Week forces the CTS withdrawal debate to be suspended

Las Labor and Economy Commissions of the Congress approved an opinion that allows workers withdraw 100% of its deposits Compensation for Time of Service (CTS) until December 31, 2024, in order to help them face the recession and economic crisis that affect the country.

After approval in both commissions, the opinion was sent to the Congress Plenary for inclusion in the session agenda.

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However, before its final approval, prior agreement is required from the Board of Spokespersons to prioritize this issue and define the date of debate and approval in the National Representation.

Due to the Parliamentary Representation Week from April 22 to 26, There will be no plenary session next week, which means that the withdrawal of the CTS will be seen in the sessions of the first week of may.

Once approved in the plenary session, the opinion will be sent to the President of the Republic for promulgation within a period of 15 days. If he Executive observes the norm, it will return to Congress for your review; otherwise, it will take effect the next day.

What is the CTS withdrawal?

The ruling authorizes workers to freely dispose of 100% of their CTS deposits in financial entities, which includes the accumulated total until the date of publication of the standard.

It should be remembered that the previous current law, the Ley 31480authorized the withdrawal of 100% of the CTS until December 31, 2023. After their expiration, the current regulations only allow the excess of four remunerations of CTS deposits to be freely disposed of, as established before the pandemic.

The CTS is a bonus that corresponds to all employees on the payroll who work at least four hours a day. It is deposited each year in two parts: 50% in May and the other 50% in November, based on the annual remuneration and the last bonus received. This year, 50% will be deposited in May and the other 50% in November.