Indonesia plans to loosen rigid rules on mandatory severance compensation in a n...
JAKARTA - Indonesia plans to loosen rigid rules on mandatory severance compensation in a new bill aimed at improving the investment climate in Southeast Asia’s biggest economy, an official and a source with knowledge of the issue said.
The proposals are included in so-called “omnibus” bills that President Joko Widodo has prioritized in his efforts to cut red tape and create jobs. The bills club together changes in unrelated legislation to allow parliament voting in a single swoop to speed reforms. Indonesia’s current rules on severance pay are among the most generous in the world and business say they deter formal hiring due to the expense of sacking underperforming employees.
The payment, which will be capped at 100 million rupiah , should be made within a year after the bill is passed, said the source, who declined to be named due to the sensitivity of the issue.
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