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OJK expands the benefits of pension funds

Reporter: Mona Tobing | Editor: Dupla Kartini

JAKARTA. The Financial Services Authority (OJK) extends the benefits of pension funds received by participants. In the draft OJK regulation draft (RPOJK) that was released there were a number of other benefits that participants could receive.

Apart from organizing a pension program, pension funds can provide or provide eight other benefits to participants. So, the other types of benefit implementation as referred to can be provided with three options. First, when the participants are still actively working. Second, when participants stop working, and finally after participants retire.

Other benefit providers can only be implemented if the employer has joined the pension program.

Edy Setiadi, Deputy Commissioner for Supervision I of the Non-Bank Financial Industry Institution (IKNB) said the OJK will try to expand the benefits received by pension fund participants. This is to encourage the growth of the pension fund industry. According to the plan, other benefits will not only be received by conventional pension funds but also sharia.

“Later, we will also expand benefits with incentives for pension funds,” said Edy on Monday (17/10). One of the incentives referred to is in terms of taxation or also the contributions that the pension fund must pay to the OJK.

Edy explained that tax incentives are still being discussed with the Directorate General of Taxes regarding special taxes for ownership of state debt securities (SUN) for pension funds. Meanwhile, contributions are the obligation of pension funds to deposit levies to OJK in the context of conducting OJK activities. This refers to the Government Regulation on OJK Levies.

OJK opens the door if pension funds are currently facing problems in paying contributions because the yields received by pension funds are getting thinner. Meanwhile, the benefits of the pension funds are increasing.

“We understand that the pension fund targets to give gain indeed high. Plus other benefits that must be provided. Everything is still in discussion, “said Edy.

Other types of providing benefits that can be provided to participants:
1. Children’s education funds
2. Housing fund
3. Funds for religious worship
4. Disability compensation fund
5. Compensation for death
6. Health compensation fund
7. Severance pay
8. Fund for additional benefits

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