JAKARTA – PT Garuda Indonesia (Persero) Tbk (GIAA) is restructuring Jiwasraya insurance policies and redirect the management of Jiwasraya annuity programs to Garuda Indonesia Pension Fund (lit. Dana Pensiun Garuda Indonesia/DPGA).
Quoted from the information disclosure today (1/9), Mitra Piranti, Vice President Corporate Secretary of Garuda Indonesia, states that if the policies were not restructured, there would be an automatic benefit supposedly provided by Jiwasraya for its pension and annuity funds in the future. “This would cause financial distress, as the company understands that the types of assets that Jiwasraya owns would not be sufficient to support any claims,” Piranti elaborates further.
According to Piranti, the funds to be received within the set period are deemed unable to cover the benefits to be channelled out according to the initial agreement. The total annuity until May 1, 2021, reached IDR 612.06 billion for 2,816 policyholders. The pension fund amounts to IDR 143.42 billion for 4,115 users. (LK/ZH)