Peru allows full withdrawal of CTS funds until late 2024

Following a new law approved by the Peruvian Congress, workers can now freely withdraw 100% of their Compensación por Tiempo de Servicios (CTS) funds until December 31, 2024. Previously, these funds, which employers deposit twice a year, could only be accessed in cases of unemployment.

Banks have provided various methods for accessing these funds. BBVA stated that withdrawals can be made via ATMs if the client's debit card is linked to the CTS account; otherwise, users can utilize cardless withdrawal options through mobile apps. Pichincha also allows direct access via linked debit cards, while BCP advisors noted that a specific debit card may be required for the CTS account. Many workers are also opting to transfer funds to their standard debit accounts through web platforms.