BTN launches retirement savings products

JAKARTA. Publicly-listed PT Bank Tabungan Negara (BBTN) launched retirement savings products on Monday in a bid to invite more Indonesian retirees through its doors.

The product itself was a follow-up of an agreement between BTN and state pension insurance company PT Taspen.

In the agreement, both sides agreed to collaborate over pension payments by using special accounts equipped with electronic payment data applications.

“The collaboration provides a benefit solution for both parties,” BTN president director Iqbal Lantaro said in a statement.

Currently, PT Taspen disburses approximately Rp 3.7 trillion (about US$300 million) each month for at least 2.3 million retirees across the country.

The retirement savings products offered by BTN can also be used to apply for credit facilities, with maximum funding of Rp 300 million and a 10-year maximum term. (asa/TheJakartaPost)