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ewly appointed president director of PT Jamsostek, Elvyn G. Massassya, said on Wednesday the state-owned occupational insurance firm would continue with its plan to engage in various business activities despite its upcoming transformation into one of the country’s social security providers in 2014.

Under the Social Security Providers (BPJS) Law, which was approved by the House of Representatives earlier this year, Jamsostek will become a non-profit social security provider focusing on employment insurance.

Speaking to reporters following his inauguration on Wednesday, Elvyn, formerly PT Jamsostek’s investment director, said that in order to realize its business plan, the workers’ insurance company would be developed into “Jamsostek Incorporated”, which would operate in several strategic business fields.

“We hope we [Jamsostek] can become incorporated next year,” he said on the sidelines of the inaugural ceremony of the firm’s new board of directors in Jakarta. Elvyn said the company would later seek entry into several areas of business, including assurance, banking, healthcare, investment, mortgage services and property.

He said that in investment, Jamsostek planned to team up with the Islamic Development Bank (ICD) to establish an investment company, called the Jamsostek Investment Company (JIC). Jamsostek and the ICD will each own 50 percent stakes in the new company, which will have initial capital of Rp 1 trillion.

He added, however, that the final decision on whether Jamsostek would become incorporated was in the hands of the state insurer’s stakeholders which, in effect, would be the BPJS Law.

“We will wait for the new government regulation under the BPJS Law to see if it is in line with our plan,” he said.

Separately, newly appointed Jamsostek investment director, Jeffry Haryadi, said the company had hired a foreign consultant to conduct the feasibility study on the Jamsostek Incorporated plan, adding that the new board of directors would “discuss it internally”.

In 2010, the government, in its capacity as the main shareholder, and Jamsostek’s management agreed to develop the company into a corporation, not a holding company, to allow it to directly invest in strategic business sectors.

In addition, Elvyn said he was committed to settling issues related to unclaimed funds worth Rp 1.4 trillion. The new line-up, which will lead the state insurer until 2017, include Elvyn; Jeffry; human resources and general affairs director Amri Yusuf; planning, development and information director Agus Supriyadi; director of membership Junaedi; services director Ahmad Riadi; and finance director Herdi Trisanto. (asa)