JAKARTA: State-controlled PT Bank Negara Indonesia Tbk is seeking to help the labor ministry manage 'compensation funds' or money the ministry regularly receives as payments from companies in Indonesia that hire foreign employees.Bank Negara Indonesia (BNI) is eying up to US$ 70 million funds, which the bank considers as cheap fund, or money that bear low interest.BNI is cooperating with the ministry in receiving and paying the compensation fund, said General Manager of Financial Service and Institution Rahmad Hidayat.Companies must pay a monthly US$100 for each foreign national that it hires, according to the existing regulation.Companies hiring foreign workers can pay compensation fund at all BNI offices real time and online, Rahmad said yesterday after signing the working agreement with the Ministry of Labor and Transmigration.There are about 4,000 companies hiring thousands of foreign workers and paying compensation fund regularly, according to Rahmad.Last year, compensation funds paid by companies reached US$50 million and this year it is predicted to reach US$70 million. It is in line with Indonesia economic condition which opens chances for foreign workers so their number has kept increasing, he said.The funds, transferred to the account of the labor ministry, are categorized on the bank side as low-cost fund from companies.Before the fund is transferred to the government coffer, it will stay in the account for at least a month. And after the fund is transferred, foreign workers or companies hiring foreign workers -- will have to make the following month's payment, he explained.BNI will cooperate not only with labor ministry, but also with the law ministry in managing such funds. The agreement on the cooperation with the law ministry will be signed in July.However, Rahmad added, there is an obstacle in the planned cooperation with the law ministry because they require BNI to set up a branch in each of the 33 ministry's regional office.To support this, the state-controlled bank will revise its business plan and will add a branch office in each of those regional offices. (T04/NOM)
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