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View all search resultsMillions of informal sector workers ill-prepared for retirement
Many Indonesians are making do without old-age saving plans as they grapple with unstable incomes and employment.
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A roadside vendor prepares food on May 12, 2024, to sell at his stall next to a railway in Jakarta. (AFP/Yasuyoshi Chiba)
Many Indonesians are making do without old-age savings plans as they grapple with unstable incomes and employment.
Nabilla, a freelance videographer based in Bandung, West Java, constantly feels insecure about her income and can only focus on building “emergency funds”.
“I don’t have retirement savings at the moment, because I don’t know how much I’m going to earn next month, so I’m keeping my savings as a safety net in case my income falls or comes in below my target,” she told The Jakarta Post on Thursday.
Nabilla acknowledged that old-age security “is highly important” but said she would rather keep her savings accessible to support emergency needs and long-term goals instead of locking the money away until retirement.
“I’m still in my 20s and still have a long life ahead of me, so instead of preparing for pension funds, I prioritize building my savings for my current and long-term needs,” she said.
Ferman, a 30-year-old resident of Solo, Central Java, who has been working independently in the creative industry for nearly a decade, also struggles to manage his finances and build retirement funds.
Read also: Unions push to scrap pension fund withdrawal tax
