JAKARTA - PT Asuransi Jiwasraya (Persero) is set to be officially dissolved this year, as confirmed by Lutfi Rizal, Director of Operations and Finance of Jiwasraya, during a hearing with Commission VI of the Indonesian House of Representatives (DPR RI) on Thursday (6/2).

Herman Khaeron, a member of Commission VI from the Democratic Party faction, questioned the timeline for the payment of pension benefit shortfalls from Jiwasraya’s Employer Pension Fund (DPPK) to retirees.

Lutfi stated that payments would be made after Jiwasraya enters the dissolution phase. “The settlement will occur during the dissolution phase, where we will liquidate assets and optimize DPPK assets. Jiwasraya will be dissolved this year,” he said.

Lutfi emphasized that pension benefit payments are still being made on schedule. However, Jiwasraya has been unable to fulfill the shortfall payments that should have been provided to retirees.

As of the end of 2023, Jiwasraya’s net assets in DPPK amounted to only Rp96.07 billion, while the actuarial liabilities reached Rp467.86 billion, leaving a deficit of Rp371.79 billion. The Jiwasraya Pensioners Association (PPJ) has been demanding that this shortfall be fully covered.

There are three main sources that could be used to address the deficit:

1. The liquidation of remaining DPPK Jiwasraya assets, including shares and other assets.
2. Proceeds from the liquidation of Jiwasraya's remaining assets.
3. Potential recovery of assets from the fraud case in DPPK Jiwasraya, estimated at Rp257 billion.

“We are currently coordinating with shareholders, and we will take legal action against the perpetrators of the fraud that occurred in the DPPK. However, there are challenges, such as the chairman of the board from 2012-2018 having passed away. Additionally, the deputy supervisory board member who gave the order for the fraudulent investment management is currently in prison. This becomes a concern for us as we pursue legal action against the perpetrators,” said Lutfi.

Responding to Lutfi's statement about Jiwasraya's dissolution, Herman requested that a clear timeline for pension payments be included in the meeting's conclusions. “Jiwasraya retirees need certainty, they should not be left in continuous expectation without clarity. If full payment is not possible, compensation must be made clear,” emphasized Herman.

In the two-hour meeting, Herman's suggestion was only noted in the meeting's conclusions. It stated, "Commission VI DPR RI encourages the government to immediately assist in the resolution of Jiwasraya's assets, which are controlled by the government, to be fully returned for the payment of pension funds for Jiwasraya retirees."

The two conclusions of the meeting only noted that Commission VI DPR RI had received explanations from all parties and agreed to reconvene with the relevant parties to mediate and seek the best possible comprehensive solution. (EF/ZH)