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5 BUMN dapen threatened to default on pension benefits

Reporter: Christine Novita Nababan | Editor: Must be Sinaga

JAKARTA. The Financial Services Authority (OJK) reported that five Employer Pension Funds (DPPK) are threatened with failing to pay pension benefits to their participants.

The five DPPKs that are threatened with default are, Dapen Clothing Industry, Dapen Paper Leaves, Dapen Istaka Karya, Dapen Industri Clothing, and Dapen PTPN II.

The five Dapen are threatened with default because the Fund Adequacy ratio, aka RKD, is at level three, with the growth of founders’ dues receivable above 60%. This far exceeds the reasonable limit for the growth of the founders’ receivables, which is around 20%.

In fact, according to Dumoly Pardede, Deputy Commissioner for Supervision of the Non-Bank Financial Industry, OJK, until January 2015, the indicator for the growth of founders’ contribution receivables as a whole was at the level of 8.58%.

“It has been three years since the founders’ receivables were above 60% or the third level of RKD. They are threatened with failing to pay pension benefits to their participants,” said Dumoli, Thursday (12/3).

In fact, the founder’s contribution receivable does not necessarily imply payment of arrears from the employer. Founder’s contribution receivables can also occur because the accounting records are late, or because of an increase in pension benefits resulting from an increase in employee wages.

Therefore, said Dumoly, OJK wrote to the Ministry of State-Owned Enterprises, and even held a meeting. During the meeting, OJK asked the Ministry of State Owned Enterprises to encourage shareholders to make rescue efforts. For example, in the form of additional capital.

If there is no rescue effort from the shareholders, the OJK will be forced to revoke their business licenses and dissolve the dapen of these state-owned companies. “This condition is exactly like Dapen Merpati Nusantara which was disbanded before it went bankrupt,” said Dumoly.

For your information, PT Industri Sandang Nusantara, the founder of Dapen Industri Clothing, is indeed listed as one of 11 state-owned companies that have lost money in the last few years.

Meanwhile, PT Istaka Karya was almost bankrupt in 2011. However, Istaka Karya managed to survive after receiving a capital injection from PT Waskita Karya.

Meanwhile, PT Kertas Leces was recorded to have laid off around 1,100 workers in 2011. The performance of the company operating in Probolinggo, East Java is getting worse.

This condition is not much different from the Dapen PT Perkebunan Nusantara II which continues to lose money.

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