The Minister of Labor said that only 7 percent of the companies paid severance pay under the previous law

TEMPO.CO, Jakarta The Minister for Labor (Menaker), Ida Fauziyah, said that the provisions on severance pay laid down in Act no. 13/2003 on labor are often not implemented. This is because only 7 per cent of the companies pay severance pay in accordance with the stipulated regulations.

“Act 13 of 2003 on the provisions for severance pay is really very good 32 times (severance pay is 32 times the salary). However, only 7 percent comply with the provisions. So the law means that it is not implemented,” said Ida Fauziyah on the official YouTube page of the Indonesian Crew Ministry on Wednesday 14 October 2020.

Ida also said that 27 percent of the companies paid according to the agreement, but according to the law’s provisions. “It should not be,” he said.

According to Ida, this was done because the company did not have the opportunity to pay a large amount of severance pay for workers or workers to resign 32 times the salary. “Because it’s considered too high.”

As I reflected on this fact, Ida said, the severance pay in the Job Creation Act was lowered with the principle of ensuring that severance pay is really a right and can be accepted by workers. “The government does not want that, so it is certainly lowered,” he said.

Merger of BUMN Sharia Banks, Erick Thohir: This is a mandate

BigBussiness – BUMN Minister Erick Thohir said that the merger of state-owned sharia banks is a mandate that must be realized immediately so that many parties will benefit.

“This is a mandate that will open up greater opportunities for all of us to be of the greatest use,” said Erick Thohir, written Thursday (15/10/2020).

With this merger plan, Erick Thohir invites Islamic bank employees to work together based on AKIDAH (reliable, competent, harmonious, loyal, adaptable and cooperative) to create a new economic pillar that will be the strength of the national economy.

According to Erick, as a country with the largest Muslim population in the world, Indonesia should have a strong Islamic bank.

Also read:
BRIsyariah becomes a surviving entity, merging with BUMN Sharia Bank

Therefore, Indonesia must become the center of the world’s Islamic economy and economy.

“We must unite side by side with the ta’awun and strengthen each other,” he said.

This step in uniting the three Islamic banks will be a milestone for all parties. With this merger, Erick said, Indonesia wanted the largest Islamic bank that could offer a fair financial system to the people.

Islamic banks with justice and transparent systems have survived the Covid-19 pandemic. Even able to cut a positive performance. So that this system is believed to be a pillar of new national economic strength.

“We are still lagging behind other countries and we have to get up,” he said.

Also read:
Erick Thohir Merger of BUMN Sharia Bank, How the Fate of Customers

Bank Syariah Mandiri guarantees customer service in the middle of a merger

TEMPO.CO, Jakarta – PT Bank Syariah Mandiri guarantees that the company’s services and operations will continue to prioritize customer needs in the midst of a consolidation or merger policy with two other state-owned sharia banks, namely PT Bank BRI Syariah Tbk and PT Bank BNI Syariah.

“Customers need not worry, we ensure that services and operations for customers will continue based on meeting customer needs,” Bank Mandiri Syariahs Director Toni EB Subari said in a written statement in Jakarta on Wednesday, October 14, 2020.

Toni also ensured that the three Islamic state-owned banks and their parent companies were obliged not to terminate (PHK) in each bank.

“During the integration process and after the integration, the three Islamic banks and shareholders guarantee that there will be no redundancies. As far as customers are concerned, this merger has not been effective yet. Conditional merger agreement (CMA) is the first step in the merger process, “said Toni.

He said that the merger of the three state-owned sharia banks could increase innovation in the economy and sharia financing to become more modern.

“We are optimistic that this united and synergized national Islamic bank will create a modern, innovative, digital-based, global-scale Islamic bank, so we hope it can provide greater, greater benefits to more people. stakeholders,“He said.

Earlier, the official announcement of the merger of three state-owned Islamic banks was made after the signing of the CMA on Monday.

The signing of the CMA was carried out by members of the State Bank Association (Himbara) as a holding company for the three national Islamic banks, namely PT Bank Mandiri Tbk, PT Bank Rakyat Indonesia Tbk, and PT Bank Negara Indonesia Tbk together with PT Bank BRIsyariah Tbk, PT Bank Syariah Mandiri and PT Bank BNI. Sharia.

Until the end of August 2020, Bank Syariah Mandiri had a net profit growth of 26.58 percent to Rp 957 billion, with a funding growth of 6.18 percent to Rp 76.66 trillion. This was supported by the growth of third-party funds (DPK) of 13.17 per cent to Rp 99.12 trillion compared with the same period last year.


Read also: OJK Boss fully supports the merger of BUMN Sharia Banks

The hippie value of the merger of the Sharia bank is the right momentum during the pandemic period

Big Business – Deputy Secretary General of the Central Board of the Indonesian Association of Young Entrepreneurs (Hipmi) Arief Rosyid said the government’s decision to merge state-owned sharia banks was the right step during the Covid-19 pandemic. According to him, the opportunity for Indonesia to gain momentum to promote the national economy will be wide open.

“This momentum can be strengthened by the merger of Himbara’s Islamic commercial banks, which during the pandemic have had good results and are above the national banking industry’s average,” he said on Wednesday, October 14, 2020.

The three Islamic banks that will merge are PT Bank BRI Syariah Tbk, PT Bank Syariah Mandiri and PT Bank BNI Syariah. This consolidation will pool the unit’s assets, which are estimated to be Rp 220-225 trillion.

According to Arief, the merger of state-owned Islamic banks is proof of the government’s commitment to accelerate the development of a sharia-based economy in Indonesia and support Muslims in an economic context. He further stated that around 70 percent of the Islamic economic and financial activity is still centered on Islamic banking.

BRI Syariah, Mandiri Syariah and BNI Syariah have signed a conditional merger agreement (CMA) on Monday evening, October 12, 2020. The signing of the CMA is the first phase in the process of merging the three entities.

A detailed consolidation plan will be announced on October 20. The management of the three banks is currently processing a merger permit from the Financial Services Authority. This consolidation is expected to develop the assets of the three banks to reach IDR 395 trillion by 2025.

Deputy Chairman of PT Bank Rakyat Indonesia (Persero) Tbk. Catur Budi Harto said that the Islamic Himbara Bank would have greater market reach by optimizing sharia’s economic and economic potential in the country. “Himbara Islamic Bank wants greater engine, financial scope and market reach,” he said.

As for the director of Bank BNI Institutional Sis Apik Wijayanto, this merger said the potential to encourage the introduction of Himbara Islamic Bank in line with the world’s largest Islamic banks at market value. “With the formation of a solid Islamic bank, we will become the largest Islamic bank in Indonesia and the ten best sharia banks globally,” he said.

Also read: BRI Syariah shares rise 25 percent after merger announcement


The World Bank frees Segunung from Indonesia’s foreign debt, the Ministry of Finance said

BigBussiness – The World Bank has published a report entitled International Debt Statistics (IDS) 2021 October 12, 2020.

In the report, the World Bank said that Indonesia was included in the list of 10 small and medium-sized income countries with the largest foreign debt in the world.

From data from the World Bank, over the past year or 2019, Indonesia’s external debt reached $ 402.08 billion, or around $ 5910 trillion.

This figure is an increase of 5.92 percent from the position of USD 379.58 billion or IDR 5579 trillion (assuming an exchange rate of IDR 14 700 per US dollar) in 2018.

Also read:
Explanation of Sri Mulyani’s children about Indonesia’s debt in the top 10 in the world

The Ministry of Finance immediately rushed to clarify this. In a press release on Wednesday (14/10/2020), the government said that the World Bank’s report contains data and analyzes of the government debt’s position in the world.

The Ministry of Finance admits that the comparison of several small and middle-income countries with the largest foreign debt (ULN), including Indonesia, in part of the World Bank’s report.

“However, the comparative report referred to does not include developed countries, but countries with small and middle-income categories, so it appears that Indonesia’s position is included in the 10 countries with the largest external debt,” said the Ministry of Finance.

Not only that, the ministry led by Sri Mulyani Indrawati said the structure of Indonesia’s foreign debt was still dominated by long-term external debt which accounted for 88.8 per cent of total foreign debt.

“The government manages debt with the principles of prudence (caution) and measurable (responsible),” he said.

Also read:
Indonesia is among the top 10 countries with the largest foreign debt in the world

In this comparison, it can be seen that Indonesia’s debt among these countries is considered large because Indonesia’s economy is included in the G-20 group of countries in 16th position.

Life sentence in Jiwasraya case, BUMN Staff: Warning of All Parties

TEMPO.CO, Jakarta – The BUMN Ministry considers that the sentence of life imprisonment for the four defendants in the corruption case on financial management and investment funds in PT Asuransi Jiwasraya (Persero) is a warning to all parties.

Warning for all parties that the management of BUMN must be carried out clean and well, “said special staff to BUMN Minister Arya Sinulingga in Jakarta, Wednesday 14 October 2020.

The life sentence for the defendants in the Jiwasraya case, Arya continued, shows that the clean-up steps in the BUMN environment are going well.

“So what the BUMN ministry considered a few moments ago, until reporting to the prosecution turned out to be a true process. What the SOE ministry did were steps that were proven in court,” Arya said.

The ministry, he said, will continue to monitor the progress of the Jiwasraya case and hopefully produce the best. “If it is harmful to the government and the state, it will be punished in accordance with applicable laws,” said Arya Sinulingga.

Earlier, expert on corruption and money laundering at Pakuan University, Yenti Garnasih, said the judge’s ruling in the Jiwasraya case was extraordinary and deserved gratitude. However, the public still needed to monitor the verdict because the defendants could still take other legal action.

“This decision is very bombastic, very spectacular. There is rarely a maximum sentence for a criminal act of corruption. However, keep in mind that this decision is not yet inconsistent (with permanent legal force),” Yenti said.

The judicial panel at the Court of Corruption in Jakarta sentenced Hendrisman Rahim to life because he was proven to have committed corruption that caused the loss of Rp 16,807 trillion in government finances in cases of corruption in the management of funds and use of investment funds in PT Asuransi Jiwasraya (Persero).

Apart from Hendrisman, three other defendants, namely Jiwasraya Finance Director for the period January 2013-2018 Hary Prasetyo, the head of Jiwasraya 2008-2014 Investment and Finance Division Syahmirwan and the director of PT Maxima Integra Joko Hartomo Tirto were also sentenced to life imprisonment.

Read also: Erick Thohir Remodel SOEs Directors and Commissioners Again, Now Danareksa’s Turn

DANA will be the new partner in the Pre-Employment Card program

BigBussiness – Implementing Management of the Pre-Employment Card Program (MPPKP) strengthens its commitment to accelerating the achievement of financial inclusion targets in Indonesia after collaborating with DANA as a payment partner.

This collaboration adds to the list of card payment partners before the work, who have previously worked together to provide e-wallet accounts as a medium for channeling incentives.

“Economic inclusion has three key functions for the economy, namely improving people’s welfare, encouraging the national economic recovery process and supporting the economic resilience of society,” said Deputy Coordinator for Digital Economy, Labor and Micro, Small and Medium Enterprises, Coordinating Ministry of the field of work. Finance, Rudy Salahuddin in Pre-Work Card Webinar, Wednesday (14/10/2020).

Currently, digital technology is increasingly needed during a pandemic. Now people no longer have to stand in line, meet face to face with officers, or go to specific offices to get services, including financial services.

Also read:
Jokowi’s pre-employment card program is claimed to be more targeted than BLT

Previously, Pre-Work Card has collaborated with four payment partners, namely Bank BNI, OVO, LinkAja and GoPay.

Joining DANA in the Pre-Employment Card ecosystem as a payment partner gives Pre-Employment Card participants more options to which account the incentive funds will be channeled.

The pre-employment card program, which was introduced in April 2020, has accelerated financial inclusion. It has been proven that 4,094,136 Recipients before employment have e-wallet accounts.

Long holiday in late October Luhut asks local council to prevent an increase in Covid-19 cases

TEMPO.CO, JakartaLuhut Binsar Pandjaitan, Deputy Chairman of the Policy Committee for Action Covid-19 and National Economic Recovery, asked local authorities to anticipate an increase in corona cases during the long holiday at the end of October. He did not want the increase in the number of positive Covid-19 patients due to joint leave in August to happen again.

“We must make plans to anticipate this,” Luhut said as he met with regional heads as written in the statement on Wednesday, October 14, 2020.

The number of further cases of Covid-19 after the long holiday in August last year had reached 60 percent. To reduce the high number of cases of Covid-19 patients, Luhut said the government would intensify testing and tracking of the spread of the virus while waiting for the vaccine to arrive.

Adviser to the Co-ordinating Minister for Covid Action, Monica Nirmala, said that 80 percent of the new Covid-19 cases were caused by 20 percent of people infected with the coronavirus. The spread of Covid-19, which is dominated by a handful of humans, is called superspreaders.

“They are able to transmit the virus about two days before the symptoms develop up to ten days after they became symptomatic,” he said. Due to this short infectious period, he said the government must step up its response to break the Covid-19 transmission chain.

Meanwhile, the governor of DKI Jakarta Anies Baswedan confirmed that the area is complete
intensify tracking and testing to predict the spread of coronavirus. The local authorities also offer free test facilities for 8000 copies per day.

The forefront of this tracking and testing is sub-district puskesmas. Therefore, Anies said that in every puskesmas there is a digital tracker who has the task of investigating cases and following up all his close contacts.

Erick Thohir reveals Indonesia wants a global caliber sharia bank

BigBussiness – Minister of State (BUMN) Erick Thohir said Indonesia wanted a global-caliber national Islamic bank.

The plan is for this process to be achieved by merging three state-owned Islamic banks, namely PT Bank BRIsyariah Tbk, PT Bank BNI Syariah and PT Bank Syariah Mandiri.

“The signing of the Conditional Merger Agreement (CMA) is the beginning of a historic process for the birth of a global Islamic commercial bank of a global caliber. I am optimistic that the Syariah Bank will be a new source of energy for the Indonesian economy as a result of the merger. “The performance of Islamic banks in the second quarter was very high. This merger will make the position of the National Islamic Bank larger and more solid, so that more Indonesians can benefit from the presence of this national Islamic bank,” said Erick Thohir in a statement in Jakarta, Tuesday (13/10/2020).

The signing of the CMA for integration and value improvement of BUMN Sharia banks involves PT Bank BRIsyariah Tbk, PT Bank BNI Syariah and PT Bank Syariah Mandiri.

Also read:
Three mergers of sharia banks, government guarantees No layoffs

The signing of the CMA took place in Jakarta on Monday (12/10) night by the President of Bank BRIsyariah Ngatari, the President of Bank BNI Syariah Abdullah Firman Wibowo, and the President of Bank Syariah Mandiri Toni EB Subari.

Also signing the agreement, President Director of Bank BRI Sunarso, Director of Bank BNI Institutional Relations Sis Apik Wijayanto, and Acting President Director of Bank Mandiri Hery Gunardi.

After that, the merger process was continued with information to the Indonesian Stock Exchange (IDX) and the Financial Services Authority (OJK) on Tuesday (13/10).

Erick added that the government has carefully planned the establishment of the first largest Islamic commercial bank in Indonesia. With a Muslim majority population, Erick considered that the potential of Islamic banking is still very large, while providing opportunities for the public or business community to be more comfortable using the Islamic banking system.

“Indonesia’s desire to have the largest national Islamic commercial bank by 2021 is part of the government’s efforts and commitment to develop and turn the Islamic financial economy into a new pillar of national economic strength,” Erick said.

Also read:
Merger, BUMN Sharia Bank to enter the top 10 in the world

According to him, in the long run, this strategy will also encourage Indonesia to become one of the world’s Islamic financial centers.

The government absorbs Sukuk auction of IDR 11.9 trillion

TEMPO.CO, Jakarta – The government absorbed Rp 11.9 trillion in auction from the auction of five series of State Sharia Securities (SBSN) or state sukuk with a total incoming bid of Rp 25.85 trillion.

A press release from the Directorate-General for Finance and Risk Management from the Ministry of Finance received in Jakarta, on Tuesday 13 October 2020, stated that the sukuk auction results met the indicative target of 10 trillion IDR.

The amount won for the SPNS14042021 series was IDR 2.2 trillion with a weighted average dividend of 3.1321 percent.

The incoming bids for the SBSN series due 14 April 2021 reached Rp. 4.9 trillion with the lowest return of 3.09 percent and the highest 4.5 percent.

The amount won for the PBS027 series was IDR 1.6 trillion with a weighted average dividend of 4.56409 percent.

The incoming bids for the SBSN series maturing on 15 May 2023 reached RP 2.7 trillion with the lowest dividend 4.53 percent and the highest 5.25 percent.

For the PBS026 series, the amount won IDR reached 2 trillion with a weighted average dividend of 5.34241 percent.

The incoming bids for the SBSN series that expire on 15 October 2024 reached Rp. 2.9 trillion, with the lowest return 5.28 percent and the highest 5.75 percent.

For the PBS025 series, the amount won IDR reached 3.75 trillion with a weighted average dividend of 7.09375 percent.

The incoming bids for the SBSN series that expire on 15 May 2033 reached Rp. 8.12 trillion, with the lowest return 7.09 per cent and the highest 8.125 per cent.

For the PBS028 series, the amount won IDR reached 2.35 trillion with a weighted average dividend of 7.47673 percent.

The incoming bids for the SBSN series due 15 October 2046 reached Rp. 7.15 trillion with the lowest return 7.43 percent and the highest 7.68 percent.

Earlier, on September 29, 2020, the government absorbed 6.4 trillion IDR from the auction of six state suuku series with a total incoming bid of 19.85 trillion IDR.

Through an additional sukuk auction, Wednesday (30/9), the government also absorbed IDR 5.6 trillion from the auction of four series of state sukuk with a total incoming bid of IDR 6.27 trillion.

Meanwhile, through a private placement in Bank Indonesia, the government on Thursday (8/10) absorbed IDR 46.2 trillion in funds from the issuance of four series of government securities (SUN).