on Wednesday enacted Law No. 31480, which allows workers to exceptionally withdraw 100% of Service Time Compensation (CTS) funds until December 31, 2023.
This law, which bears the signature of the Head of State, was published in the Official Gazette El Peruano and aims to mitigate the negative economic impacts caused by the COVID-19 pandemic.
The Executive Branch must issue the regulatory provisions within a maximum period of 10 calendar days, the Government Palace Press Secretariat reported.
It should be noted that only those workers who are employed by the formal system will be allowed to withdraw 100% of CTS funds since informal employees do not rely on said benefit.
Among direct beneficiaries are private sector employees who work an average minimum daily shift of four hours —also workers at small companies, domestic workers, and those of the agrarian sector, etc.