* Peru's President
Francisco Sagasti has promulgated a law authorising employees in the formal sector to withdraw up to 100% of their unemployment insurance savings (CTS), following the unicameral legislature vote on 31 March to approve such withdrawals. The decision is the latest in a series of
emergency measures designed to alleviate the economic impact of the coronavirus (Covid-19) pandemic. Through the CTS, employers make biannual payments into a protected pot, which is made available to employees at the termination of employment. Employees enrolled on a CTS scheme will now be permitted to withdraw as much of those funds as they wish, until 31 December 2021 when the CTS deposits are to be ringfenced once again.
End of preview - This article contains approximately 117 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options