Minister Hanif Ensures Sacked Employees May Cash JHT

medcom.id, Jakarta: Minister of Employment Hanif Dhakiri stated that workers experiencing termination of employment (PHK) before July 1, 2015, may cash-in or liquidate their Retirement (JHT) funds along with its interests within a month period. The active BPJS participants are also allowed to cash in their funds.
 
Those who are still actively employed or becoming active participants of BPJS, he stated, are able to cash in JHT funds when they have reached 56 years of age, or when they pass away, or experience permanent disability. The benefits of JHT can also be taken when the membership reaches 10 years, with the maximum amount of 10 percent for the preparation of retirement ages or 30 percent to accommodate a residential property.
 
Hanif continued that for the ten year period, members may only choose one of the two liquidation schemes. First is for the retirement preparation, then property financing.

"It is according to the SJSN Law (Law on the National Social Security System) and Government Regulation No. 46/2015 on JHT as the new regulation," Hanif said in a release acquired by Metrotvnews.com, Saturday (7/4/2015).
 
He explained that after receiving instructions from the President, the exception is now provided for employees terminated from their work, or quitting their jobs, to be able to cash in their JHT funds as soon as possible.
 
"The exception is for those experiencing work termination of quitting their jobs may cash in JHT with a one month grace period, without having to wait for their 10-year membership period. It is the President's instruction," Hanif said.
 
In following up the Presidential instructions, the minister will soon revise the Government Regulation No. 46/2015 on JHT. It is conducted following the consideration of national employment condition and the growing aspiration of the public.
 
Hanif again reaffirmed that JHT is an insurance providing protection to workers against the risks of their retirement age. JHT is a retirement saving system where the sum of it is the accumulation of the monthly savings as added with interests.
 
SJSN Law and the Government Regulation on JHT are meant to provide retirement protection when an employee is no longer productive.
 
"Therefore it is given exceptions to those terminated from their employment, or quitting their jobs within the scheme of JHT liquidation," Hanif concluded. (EPS)
 
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