New Steps in Regulating the Indonesia Retirement Program

The harmonization of mandatory pension schemes is eagerly anticipated to refine the landscape of old-age security. Despite aspirations for these programs to offer sufficient protection for the elderly, current realities fall short of meeting expectations.

Rika Anggraeni

24 Feb 2024 - 23.32
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New Steps in Regulating the Indonesia Retirement Program

Bisnis, JAKARTA — The harmonization of mandatory pension schemes is eagerly anticipated to refine the landscape of old-age security. Despite aspirations for these programs to offer sufficient protection for the elderly, current realities fall short of meeting expectations.

Furthermore, the recent involvement of numerous pension fund companies in corruption scandals has exacerbated the situation. The harmonization of mandatory pension programs is being pursued through the issuance of a Draft Government Regulation (RPP).

According to the Financial Services Authority (OJK), the government is actively engaged in formulating this regulation. Such harmonization efforts stem from the directives outlined in Law Number 4 of 2003 concerning the Development and Strengthening in the Financial Sector (PPSK Law), particularly articulated in Article 189.

The Fiscal Policy Agency (BKF) of the Ministry of Finance has underscored that the development of the RPP for Harmonization of Pension Programs is still in its early stages. Head of the Center for Financial Sector Policy (PKSK) at BKF Adi Budiarso stated that since the enactment of the PPSK Law in January of the previous year, the Ministry of Finance has been engaging in extensive consultations with various stakeholders.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.