The Indonesian Pension Fund Association (ADPI), in cooperation with the Financial Services Authority (OJK), will hold a nationwide campaign to raise awareness about the importance of pension funds.
About 120 million Indonesian workers and college graduates to-be are expected to start investing for their retirement in the next five years, OJK commissioner Dumoly Pardede said during the introduction of the Pension Day event to be held on April 20.
This year, 24 million people are expected to join the pension fund.
Pardede said the total value of assets of all pension funds in Indonesia accounted for Rp 800 trillion (US$ 60 billion) with 70 million participants. The majority of these assets are invested as non-state budget infrastructure funding (PINA).
According to law No.11/1992, there are only two pension funds in the nation: the Financial Institution Pension Fund (DPLK) and Employer-Sponsored Pension Funds (DPPK), which belong to ADPI.
However, there are other types of pension fund such as Workers Social Security Agency (BPJS Ketenagakerjaan), pension insurance Taspen and state insurance Asabri.
ADPI’s Pension Day has been three years in the making, with activities including various competitions and roadshows.
The ADPI and Pension Day committee will visit colleges, religious organizations and companies in regions throughout the country. (dra/bbn)
The Jakarta Post