The CTS is a social benefit that consists of a semi-annual deposit to be made by the employer in a special bank account. In the original design of the benefit, the employee should not be able to use this money until the employment relationship ends. The purpose of this is to provide the employee with a fund to cover his or her expenses during the transition period between jobs. However, the Government has been authorizing the free disposal of these deposits to support employees to cover their basic needs during the current economic crisis.
The employees will be able to use their CTS in the following ways:
- Make the withdrawal, in whole or in part, of the amount available in their CTS deposit account; or,
- Request that the financial entity make a wire transfer to the employee's savings account.
The financial institution will have up to two working days to make the disbursement.
Employees may opt for any of the options to use their CTS until December 31, 2024.
If you would like more information about these services, please do not hesitate to contact us.
Spanish version
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