New Calculation Formula of Pension Fund 2020

There is an amendment to the pension fund program (Jaminan Pensiun/JP) of BPJS Ketenagakerjaan, which is regulated by the Government Regulation (Peraturan Pemerintah/PP) No. 45 Year 2015.

Per 1 March 2020, the maximum wage used in JP calculation is changed from Rp 8.512.400 to Rp 8.939.700.

Example:

An employer in Jakarta contributes 2% of the salary for the JP fund, while the employee contributes 1% (An employer can also cover the employee’s contribution)

Employee A’s salary is Rp 10.000.000 / month

Employee B’s salary is Rp 5.000.000 / month

Employee C’s salary is Rp 3.000.000 / month

JP for employee A will use the maximum wage as the multiplier

Contributed by the employer: Rp 8.939.700 x 2% = Rp 179.794

Contributed by the employee: Rp 8.939.700 x 1% = Rp 89.397

JP for employee B will use the actual monthly salary as the multiplier

Contributed by the employer: Rp 5.000.000 x 2% = Rp 100.000

Contributed by the employee: Rp 5.000.000 x 1% = Rp 50.000

JP for employee C will use the minimum regional wage of Jakarta as the multiplier

Contributed by the employer: Rp 4.267.349 x 2% = Rp 85.347

Contributed by the employee: Rp 4.267.349 x 1% = Rp 42.673

You can also use HReasily to automate all statutory fund calculations accurately. The payroll system will also help keep you updated with the latest regulations.

*This article is written by Puja Altiar for Startup HR Community, organized by HReasily.