Executive Summary

Key insights and market outlook

BPJS Ketenagakerjaan reported investment returns above government bank rates for 2025. The returns for Jaminan Hari Tua (JHT) Conventional were 5.51%, JHT Syariah 6.64%, and Jaminan Pensiun (JP) lumpsum 6.47% ¹

. These figures exceeded the government bank deposit rate benchmark of 2.63% in December 2025 ². However, BPJS Watch criticized these returns as suboptimal, suggesting that using deposit rates as a benchmark is too low a standard ².

Full Analysis

02

Deep Dive Analysis

BPJS Ketenagakerjaan Reports Strong Investment Returns for 2025

Investment Performance Overview

BPJS Ketenagakerjaan has announced investment returns for 2025 that exceeded government bank deposit rates. The specific returns were: 5.51% for JHT Conventional, 6.64% for JHT Syariah, and 6.47% for JP lumpsum ¹

. These figures were significantly higher than the 2.63% government bank deposit rate benchmark in December 2025 ².

Industry Reaction and Analysis

While the returns were positive compared to the benchmark, BPJS Watch criticized them as suboptimal. The watchdog organization argued that using government bank deposit rates as a success metric is too low a standard for measuring investment performance ²

. This criticism suggests that while BPJS Ketenagakerjaan outperformed the low benchmark, there may be room for improvement in investment strategies.

Market Context and Implications

The strong investment returns demonstrate BPJS Ketenagakerjaan's ability to manage participant funds effectively. However, the criticism from BPJS Watch indicates that stakeholders expect even better performance from the organization. The investment returns have implications for the overall pension and social security system in Indonesia, as they directly affect the financial security of participants.

References