Notice that in accordance with Peruvian labour laws, the country does not offer any benefits for unemployment.
Compensation for Time of Service (CTS) pretends to protect the existence of the employee after the termination of employment. This amount is accumulated over time from the first day of work. To ensure that compensation is available, the employer must secure the CTS twice a year (May 15 and November) in a bank account that can be chosen by the employee. For each completed calendar month, 1/12 of the salary must be deposited in the selected bank account. Therefore, at the end of the year, the entire deposit should be approximately equal to one monthly salary.
To benefit from CTS, the employee must have been in the company for at least one full month.
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