Indonesia's Retirement Program Coverage Lags Behind Neighboring Countries

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Adi Ahdiat 09/09/2024 17:49 WIB

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According to IFG research, in 2020 only around 13% to 16% of Indonesia's workforce participated in public pension programs, lagging behind Malaysia, Thailand, and the Philippines.

Proportion of Pension Program Participants from the Total Workforce in Several Southeast Asian Countries (2020)

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Proportion of Pension Program Participants from the Total Workforce in Several Southeast Asian Countries (2020)

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According to a research report by the Indonesia Financial Group (IFG), in 2020 Indonesia's workforce population reached 128.5 million people.

However, only approximately 17.5 million to 20.6 million people held formal employment and were registered as participants in the pension fund programs of BPJS Ketenagakerjaan, Taspen, and Asabri.

In other words, in 2020, the proportion of Indonesian workers covered by public pension funds was only around 13% to 16% of the total workforce.

This proportion is significantly lower than that of neighboring countries.

According to the IFG report, the proportion of workers with pension coverage in Malaysia reached 31.3% of their total workforce in 2020.

Coverage in Thailand reached 28.3%, and in the Philippines, 22.2%.

Compared to Organisation for Economic Co-operation and Development (OECD) member countries, Indonesia lags even further behind.

IFG notes that, on average, OECD countries had a pension coverage rate of 50.33% in 2020.

Several OECD countries had pension participation proportions above the average, namely Denmark at 62.2%, Japan at 61.7%, and the United Kingdom at 55.7% of their total workforce.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Retirement Program Coverage Lags Behind Neighboring Countries

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