BPJS Ketenagakerjaan Seeks to Book Rp 367.8 Trillion in Funds

The Workers Social Security Agency (BPJS Ketenagakerjaan) expects to grow its funds by 16 percent to Rp 367.8 trillion (US$26.8 billion) this year as it focuses on boosting its premium revenue and investment gains.

The government-backed workers’ insurer booked Rp 317.2 trillion in funds last year.

Its president director, Agus Susanto, said the agency would seek partnerships with more companies and increase workers’ awareness to join its program, while also growing its funds invested in various instruments.

“We will conduct several measures to attract more participants, ranging from increasing our brand awareness to enforcing laws,” he said as quoted by Kontan on Friday.

Presidential Regulation No. 109/2013 stipulates that companies operating in Indonesia are required to register their employees as BPJS Ketenagakerjaan members otherwise they face administrative sanctions or be criminally charged.

The agency, previously known as Jamsostek, aims to have 29.6 million active participants in total this year, an increase from 26.2 million at the moment.

It expects to gain 700,000 institutional members, including companies, by the end of this year, up from 488,000 currently.

As for investment, the agency was expected to gain Rp 32 trillion worth of funds this year, a 20 percent increase from Rp 26.7 trillion recorded in 2016, said its deputy public relations officer Irvansyah Utoh Banja.

The agency placed 58.7 percent of its funds in bonds last year, followed by 19 percent in stocks and the rest in other instruments.

Courtesy : The Jakarta Post