20 May 2024: Legal Overview on Tapera (Tabungan Perumahan Rakyat), the "Citizen's Saving for Housing"
On 20 May 2024, Indonesia promulgated the Government Regulation Number 21 Year 2024 on the Amendment of Government Regulation Number 25 Year 2020 on the Implementation of Citizen's Saving for Housing (Peraturan Pemerintah Nomor 21 Tahun 2024 tentang Perubahan atas Peraturan Pemerintah Nomor 25 Tahun 2020 tentang Penyelenggaraan Tabungan Perumahan Rakyat), commonly called as the "Tapera".
Referring to its definition, in principle, Tapera is a saving, conducted periodically by the "Participant", that can be utilized only for financing the housing and/or can be returned along with its yield resulted after the one's participation is ended.
As stipulated in Article 15 of the Tapera regulation, the "Saving" rate has been set at 3% (three percent) of the "Salary" or "Wage" towards the "Employee Participant" (0.5% by the Employer and 2.5% by the Employee), and of the "Income" towards the "Independent Worker Participant" (3% is fully covered by the Worker).
Tapera is administered by the "BP Tapera" (Badan Pengelola Tapera), Administrative Body of Tapera, a legal entity established by the regulation for administering the Tapera. In Article 31 of the Tapera regulation, BP Tapera appoints Investment Manager and Custodian Bank, one bank with conventional principle and the other one with sharia principle.
Following its promulgation and further implementation, it gives rise to many comments in the society, among other comments are the objection, either from the employee and employers' association, and the planning underway for judicial review.
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