Jakarta: President Joko Widodo (Jokowi) has signed Law Number 11 Year 2020 on Job Creation. The omnibus law is expected to help create more jobs in Indonesia.
"To support job creation, it is necessary to adjust various regulatory aspects related to ease of doing business, protection and empowerment of cooperatives and micro, small and medium enterprises (MSMEs), improvement of investment ecosystem for accelerating national strategic projects (PSN), including improvement of protection and welfare of workers," the law reads.
According to the World Bank, the law is a major reform effort to make Indonesia more competitive and support the country’s long-term aspiration of becoming a prosperous society.
It can support resilient economic recovery and long-term growth in Indonesia.
By removing heavy restrictions on investment and signaling that Indonesia is open for business, it can help attract investors, create jobs and help Indonesia fight poverty.
Nevertheless, consistent implementation of the Law will be critical and will require strong implementing regulations to ensure inclusive and sustainable economic growth as well as concerted efforts by the Indonesian Government and other stakeholders.
:ast month, the Indonesian House of Representatives (DPR) passed the Omnibus Bill on Job Creation. Except for the Democratic Party and the Prosperous Justice Party (PKS), all parties supported the passing of the bill. However, it was strongly opposed by labor unions and civil society groups, citing lack of protections for workers and the environment.
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