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OJK will revise the pension benefit rules

Reporter: Christine Novita Nababan | Editor: Sanny Cicilia

JAKARTA. To strengthen Law Number 13 of 2008 concerning Manpower and Law Number 11 of Year concerning Pension Funds, the Financial Services Authority (OJK) will revise regulations related to pension benefits. This rule is expected to reinforce regulations governing post-working age welfare.

Dumoly F Pardede, Deputy Commissioner for Supervision of the Non-Bank Financial Industry II OJK, said that pension benefits according to the Pension Fund Law are paid monthly, and for a certain amount it is done at once or lump sump. Meanwhile, other benefits and severance pay are paid at once.

“There is a question from the Financial Institution Pension Fund (DPLK), the lump sum payment for severance pay is not clearly stated. We say that the regulations are clear at once, according to the regulations of each pension fund manager. In order to provide confidence, we will revise the rules. that, “he said, Tuesday (9/6).

One of the regulations referred to is the Minister of Finance Regulation Number 50 / PMK.010 / 2012 concerning Pension Contribution and Benefits (the third amendment to the Minister of Finance Decree Number 343 / KMK.017 / 1998).

Article 13 Paragraph 1 of this rule reads, in terms of pension benefits to be paid monthly by pension funds administering a Defined Benefit Pension Program with a monthly formula of less than or equal to Rp. 1.5 million, the pension benefits can be paid at once.

Meanwhile, Paragraph 2 states, in the event that the pension benefits to be paid in a lump sum formula are less than or equal to IDR 500 million, the pension benefits can be paid at once. “This rule is also not in accordance with the current lifestyle of society so it needs to be revised,” added Dumoly.

Currently, the financial industry referees will still conduct studies to revise the rules. The financial industry referee is also considering adding other benefit clauses to retirement benefits. Other benefits can be in the form of health benefits, insurance, Umrah financing, other pilgrimages.

Another benefit, Dumoly explained, was actually stated in the previous regulation. However, pension fund businesses have not yet been used as a business opportunity. “Hence, other benefits can be formulated again. There could be insurance benefits later, synergy with insurance or multipurpose synergy with financing,” he explained.

If nothing gets in the way, the regulation regarding pension benefits is scheduled to be published this year. Apart from the lack of clauses in the regulation, this regulation will provide certainty to pension fund managers in their business activities.

Daneth Fitrianto, Head of Investment Division of the DPLK Association, admitted that he welcomed the OJK plan. He said the revision of the provisions would provide assurance regarding the payment of pension benefits, other benefits and compensation benefits.

“So far, only pension benefits, three benefits will be explained at once in the revision. The industry can also see what other benefits can be developed. Of course this will further attract public interest in joining the pension program,” he concluded.

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