Funding Social Security Not A Financial Burden

Implementation of social security contributions to the financing of order should not be viewed as a financial burden. The existence of social security funds can become the motor of the national economy, especially the real sector. It is pointed out in the international seminar “Best Practices and Enforcement Fee Quotation” International Social Security Association (ISSA) Southeast Asia held by PT Jamsostek (Persero) in Nusa Dua, Bali, on Thursday (17 / 6). ISSA is an organization headquartered in Geneva, Switzerland, and has 329 member companies from 147 countries social security.

Funding social security not a financial burden. The seminar was opened by the Deputy Minister of SOEs Parikesit Suprapto and attended by company executives social security from Indonesia, Malaysia, Singapore, Philippines, and Thailand. The executives shared their experiences to improve compliance with payment of social security contributions and investment strategies to provide optimal returns for the participants.

ISSA representatives of Southeast Asia, Vijaya Kumar, said that the proper placement of investment funds is now the biggest challenge the executing agencies of social security. Government bonds remain the largest portfolio placement investment of social security because of the risk factors and objectives of the fund utilization. Funding social security not a financial burden. Employees Provident Fund (EPF), the implementing private social security workers in Malaysia, now has assets of 100 billion dollars (about Rp 930 trillion). Government bonds, property, and shares a few EPF investment portfolio.

The role of social security funds in driving the national economy is also happening in Singapore. Funding social security not a financial burden. Central Provident Fund (CPF) of Singapore has picked up 1.64 billion Singapore dollars (about USD 8.2 trillion) contribution of 116 000 companies with 1.8 million workers each month. CPF has 166.8 billion Singapore dollars a comprehensive social security fund for 3.3 million participants, including pension, housing, and health.

Director of Social Security Hotbonar Sinaga said, Social Security assets potentially grow faster if the pension withdrawals (JHT) can be slowed more than five years and six months of the current. Contributions are still obstacles for Social Security. Of the approximately 28 million workers who are members of Social Security, only 8.5 million active participants who pay dues. Funding social security not a financial burden. This is due to weak law enforcement.

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