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Employee Benefits in Indonesia

Employee Benefits in Indonesia

  • February 2015
  • 51 pages
  • ID: 2693678

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Synopsis
The Indonesian social security system comprises the provident fund system and social insurance system. Social security in Indonesia covers a small proportion of the population with minimal benefits. The employment-linked systems of contributory social insurance only cover 17% of employed persons, while more than 80% of people employed in the informal economy are not covered under the social security system. With effect from January 1, 2014, a new regime of national social security has been implemented in Indonesia with an intention to cover all employees and residents under one healthcare system by 2019, as well as one employment benefits system by 2029. Under the new system, Badan Penyelenggara Jaminan Sosial (BPJS) Healthcare (BPJS Kesehatan) will administer healthcare benefits and BPJS Employment (BPJS Ketenagakarjaan) will administer employment benefits which cover against the risks of old age, death, occupational accidents and diseases. The employee benefits market in Indonesia is expected to register robust growth, as the country’s government is planning to be one of the world’s six largest global economies by 2030 as part of its long-term strategy.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Indonesia, including:

- An overview of state and compulsory benefits in Indonesia

- Detailed information about private benefits in Indonesia

- Insights into the various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Indonesia

Scope
This report provides a detailed analysis of employee benefits in Indonesia:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.

- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, social assistance, redundancy benefit, leave and public holidays and private benefits

- It highlights the economic and regulatory situations relating to employee benefits in Indonesia.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Indonesia

- Assess Indonesia’s employee benefits market, including state and compulsory benefits and private benefits

- Gain insights into the key employee benefit schemes offered by private employers in Indonesia

- Gain insights into key organizations governing Indonesia’s employee benefits, and their impact on companies

Key Highlights
- The Indonesian social security system comprises the provident fund system and social insurance system

- The provident fund system aims to cover employees working for a firm with 10 or more employees, or earning a monthly payroll of at least IDR1.0 million (US$86.5) against the risk of retirement and disability.

- The social insurance system aims to cover employees who work for a firm with 10 or more employees and a monthly payroll of at least IDR1.0 million (US$86.5) against the risk of death, medical and occupational accidents and disease.

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