Calculation of Total Tapera Savings After 20 Years Adjusted for Inflation Rate, the Result is Meaningless

Perhitungan Total Simpanan Tapera Setelah 20 Tahun Disesuaikan Laju Inflasi, Hasilnya Tidak Ada Artinya

Total calculation of Tapera savings after 20 years adjusted for inflation rate, the result is meaningless.

Dream - The Executive Director of The PRAKARSA, Ah Maftuchan, believes that the Tapera (People's Housing Savings) savings deposit policy will only burden workers. This statement was made after simulating the value of savings obtained over 20 years, taking into account inflation.

Calculation of Total Tapera Savings After 20 Years Adjusted for Inflation Rate, the Result is Meaningless

"Good intentions of the government to provide housing for workers through 'Tapera' through the contribution scheme as an alternative source of funding for housing need to be reviewed. Because the contribution scheme will only burden the workers,"

tegas Maftuch dalam siara pers The PRAKARSA, Kamis, 30 Mei 2024. Maftuch firmly stated in The PRAKARSA press release, Thursday, May 30, 2024.

To note, President Joko Widodo issued Government Regulation No. 21 of 2024 regarding amendments to Government Regulation No. 25 of 2020 concerning the Implementation of People's Housing Savings (Tapera). This regulation stipulates that workers must pay contributions for housing. The Tapera contribution is set at 3 percent, with 0.5 percent borne by the employer and 2.5 percent borne by the worker. Meanwhile, self-employed workers are required to pay the full 3 percent contribution on their own.

Public policy observer The PRAKARSA Eka Afrina, assesses that the calculation presentation in the PP is not clear about its calculation basis. It is not explained nominally what kind of house the workers participating in the program will get.

he translation of the given text from Bahasa to English while preserving any HTML tags is as follows: The scheme provides houses through conventional mortgage scenarios or subsidized housing provision, which is considered much better and reasonable because they can be enjoyed directly by workers

"Belum ada informasi yang jelas mengenai penghitungan iuran dan jenis rumah yang didapatkan nantinya oleh pekerja. Belum lagi ketika mengiur, pekerja tidak langsung bisa menempati rumah karena harus mengiur dalam periode tertentu dulu. Lain halnya dengan scenario hipotek konvensional atau bantuan rumah bersubsidi di mana pekerja dapat menempati rumahnya sembari membayar cicilan,"

"ungkap Eka." translates to "Eka said."

It is mentioned in the PP that Tapera is carried out through periodic storage by Participants within a certain period of time that can only be used for housing financing and/or returned along with the results of its fertilization after the membership ends.

The PRAKARSA assesses that if a minimum contribution period of 20 years is applied, the ownership of a house by workers will be very difficult to realize. Considering the risks of inflation and economic uncertainty in the future.

On the other hand, estimating the inflation rate for the next 20 years is a highly challenging task full of uncertainty. Inflation can be influenced by various economic, political, and social factors that are difficult to predict with high accuracy. "However, we can look at historical data and economic projections from various sources to provide a rough picture using the Cumulative Inflation formula = (1 + r)^n – 1," writes The Prakarsa.

"If a conservative projection of average inflation of around 2-3 percent per year can be used as a basis. This means that the cumulative inflation rate over the next 20 years could be in the range of 50-80 percent. 'The nominal accumulation of contributions and the results of its cultivation if calculated based on inflation projections for the next 20 years, then the nominal contributions from workers become meaningless and unlikely to be sufficient to obtain a house in the future,' said Eka."

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