Wednesday, September 22, 2010

Jamsostek has Rp 4.9t in unclaimed pension fund

Nani Afrida, The Jakarta Post, Jakarta | Wed, 09/22/2010 7:05 PM | Business
No less than Rp 4.9 trillion (US$544 million) in pension fund belonging to 4 million participants of state social insurance company PT Jamsostek scheme has remained unclaimed.

The finding followed completion of the company’s new system of information technology to be used to conduct a holistic verification of its members.

Jamsostek president director Hotbonar Sinaga said the firm would trace addresses of the members who had not claimed their pension fund.

“Those members, who have not collected their pension fund, are not active anymore in Jamsostek. But they can still claim their pension fund because they have been joining Jamsostek for more than five years,” Hotbonar told a press conference on Wednesday.

Jamsostek will announce the results of its search for the whereabouts of the 4 million members and ask their families, relatives or heirs to process and collect the pension funds.

However, Hotbonar said the company would strengthen its internal staff before publicly announcing the findings.

“Our internal has to master processing pension claims, so that we can prevent frauds that often happens,” he said.

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