Muhammad Ridhwan Galela


In addition to mandated in the Constitution of 1945, the pension insurance program for all citizens is a necessity given Indonesian demographic projections that show significant change in the structure of the population of Indonesia. Demographic projections show that the dependency ratio is higher due to increasing in life expectancy and decreasing in fertility of women. Anticipating these conditions, Indonesian government implemented a national pension insurance program by issuing PP 45/2015. However, there are some problems in the implementation of the program. Problem related to national budget is the emergence of fiscal risks due to an imbalance of the amount of funds derived from contributions to the pension benefit payment liabilities. From the operational side, the concern arises from the ability of fund managers in implementing good corporate governance and their ability to provide adequate information technology infrastructure. Besides, informal sector workers and women should receive more attention in the pension insurance program. 


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