Govt Promises to Finalize Pension Insurance Rule Next Month
15 June 2015 15:26 WIB
TEMPO.CO, Jakarta – Coordinating Minister for the Economy Sofyan Djalil said the rule on pension insurance will be completed before July 1. However the minister declined to disclose the amount of premium for the BPJS Employment's pension program.
The premium rate has caused debate among lawmakers, regulators and industry players. Most employers refused the BPJS Employment's premium rate proposal of eight percent from workers' monthly salary. Five percent of the premium will be paid by employers and the three percent will be paid by employees.
Chamber of Commerce and Industry chairman Suryo Bambang Sulisto has asked that the BPJS pension premium rate does not burden employers. Suryo fears that an eight percent rate is too high amid the current economic slowdown.
Employment BPJS' president director Elvyn G. Masassya said the premium rate takes into account the benefits to be received by participants. According to Masasya, BPJS and the Ministry of Manpower and Transmigration suggested the eight percent rate because it would provide pensioners with benefits worth 35% of their average income.
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