The Indonesian Financial Services Authority (OJK) has issued a regulation, POJK 34/2024, to improve the quality of human resources in the financial services sector. The regulation requires insurance companies, guarantee institutions, and pension funds to provide education and training funds for their employees, with a minimum allocation of 3.5% of total employee expenses per year. This provision aims to support business sustainability and competitiveness in the industry, as stated by M. Ismail Riyadi, Acting Head of the Literacy, Financial Inclusion and Communication Department of OJK. The regulation also emphasizes the importance of providing funds for improving work competencies or developing other technical and non-technical skills.
https://en.tempo.co/read/1970796/ojk-issues-hr-quality-development-rules-insurance-companies-must-provide-education-and-training-funds