President Joko “Jokowi” Widodo signed Federal government Policy No. 25/2020 on the public housing savings program (Tapera) on May 20.
The policy offers additional direction for fund management body BP Tapera in gathering and organizing money for public real estate planned for civil servants, military and police personnel, state-owned enterprise staff members and personal staff members.
Official employees and individuals with month-to-month wages equal to or exceeding the minimum wage, including foreign workers living in Indonesia for at least six months, are needed to participate in the program. Its purpose is to accelerate the federal government’s program to build 1 million homes a year.
” The public real estate cost savings program will require its individuals to pay a month-to-month deposit that equals 3 percent of a staff member’s monthly income,” says Post 15 of the guideline as priced quote by kompas.com.
The 3 percent payment is split between the employer and employee, with the employee paying 2.5 percent and the company paying 0.5.
Tapera program contributions end when an individual reaches the age of58 The individuals can then draw their public housing savings after retirement.
BP Tapera will change the Housing Cost savings Advisory Board for Civil Servants (Bapertarum-PNS), with the latter expected to turn over its properties totaling Rp 12.3 trillion (US$861 million) to the former. The federal government has injected Rp 2.5 trillion into BP Tapera up until now.
Bapertarum-PNS has an overall of 6.7 million individuals, both active civil servants and retirees. (trn)
