INDONESIA Pension Program Update 2023
Greetings from i-Admin.
This an announcement made by the Government of Indonesia on BPJS Pension Program Benefits revision.
Below is the updates related with the amount of benefits and wage regulation for BPJS pension 2023.
Updated details on Jaminan Pensiun (Pension Guarantee):
- Minimum Pension Benefits will be IDR. 383,400.00 per month and maximum of IDR. 4,598,100.00 per month.
- The maximum wage as the basis for calculating the pension contributions amounted IDR.9,559,600.00
- This update on pension contribution shall take effect as on 1 March 2023.
Pension Guarantee Program contribution rate:
- The above rates are applied to wages (basic salary and fixed allowances) up to a maximum of IDR 9,077,600.00 per month (before 1 March 2023) and IDR 9,559,600.00 per month (1 March 2023 onwards).
- The wages will be adjusted every year by 1% increased rates on annual gross domestic product.
- Payment due for BPJS Ketenagakerjaan are applied for all program (JK, JKK, JHT, JP) by 15th of the following month.
- Delays in payment by the Employer will impact with a penalty of 2% (two percent) for each month of delay, calculated from the contribution that should be paid by the Employer.
- Starting January 1, 2022, the retirement age will change to 58 years.
Read the full report here.
For any further clarification, please feel free to contact us.
Yours Sincerely,
i-Admin
