CTS 2022: How to withdraw all money from my account?

workers They already have permission to claim 100% of the money that is in their Time of Service Compensation (CTS) accounts.

exit from STS, which will be included until December 2023, may be implemented in whole or in part. Therefore, withdrawals from the following CTS deposits will be available in November 2022, May 2023 and November 2023.

It should be remembered that CTS, which is equivalent to about half of the wages in each payment, is paid to formal workers twice a year: in May and in November.

Also keep in mind that the provisions of the enacted law state that a request for CTS money can be made either in person or remotely.

How to draw a conclusion?

A CTS withdrawal request can be made remotely (online) or through the means set by each individual financial institution. In some cases, withdrawals can only be made by logging into your organization’s app or internet bank.

Employees may request removal Money in cash by going to the cashiers or windows of the financial institution where your account is located, so they should receive the payout immediately.

Some organizations have allowed payment KTS transfer to other accounts in the financial system through the applications of financial institutions.

To do this, users just need to log into the application of the bank in which their account is located. KTS and look for a transfer option between your accounts.

Employees who receive their CTS at the same bank where they pay their wages can transfer the money to their debit card, but they can also transfer to another financial institution.

In this case, the rules state that after the transfer bank or the box has a maximum period of two business days for transferring money from one account to another.

What is a CTS?

KTS This is an unemployment reserve fund that private companies allocate to their wage earners who have worked for more than a month.

Each deposit made is equivalent to approximately half of the salary, this is applicable if you have worked a full semester.

Please note that payment for KTS It takes place twice a year in May and November.

Who can draw a conclusion?

To make this conclusion effective Money You should know that KTS is paid to listed employees who work at least 4 hours a day, that is, only they have these accounts.

Delivery KTS corresponds to employees of large, medium and small companies. But, this supply is not suitable for micro-enterprise workers.

As for employees of large companies, CTS payment equivalent to more than half of the salary, and small business workers receive a CCC of 15 days’ wages.

In addition, domestic workers have recently been included in this payment. work allowance. In this case, the same conditions apply as for the general mode of work.

Microenterprise employees hired after the company is registered with the Registry of Micro and Small Enterprises (Remype) do not benefit from this benefit, nor do those who work less than four hours a day.

How to find out how much money you have in CTS?

Workers can know the quantity KTS that they have verification in the application of the financial institution where their money is located.

Recall that this social benefit is accrued by companies to their employees in May and November, and it is equivalent to a little more than one salary per year, taking into account wages without discounts and one sixth of the last bonus received for its calculation.

In total, it is assumed that the amount received is approximately 1.17 salary per year, taking into account that CTS is paid twice a year, the first deposit in May and the second in November.

Workers can calculate how much they are paid from CTS based on their undiscounted monthly salary, plus 1/6 of their last bonus.

For example, if an employee has a fixed salary of SGD 3,000 per month, his annual CTS will be SGD 3,500, for which he will receive a semi-annual payment of SGD 1,750 in May and SGD 1,750 in November.

It is worth noting that in 2021, a total of SGD 9,438 million was withdrawn from CTS accounts through a similar measure.

What will they use CTS for?

A study by Activa Peru shows that 67% of official workers say they will give up all or part of their CTS.

Only at the socio-economic level A conclusion 83% will do so, while in quadrant B, 68% of workers will make payments.

In total, it is estimated that 31% will use the withdrawals for household expenses, 18% for education and training, 16% for payments and bank fees, and 14% for medical expenses.