Investment Policy Strategies in Risk and Liquidity Management for DualAccount Old-Age Security Schemes

Authors

  • Nurul Rahmawati Institut Pertanian Bogor, Indonesia
  • Raden Dikky Indrawan Institut Pertanian Bogor, Indonesia
  • Zenal Asikin Institut Pertanian Bogor, Indonesia

DOI:

https://doi.org/10.59888/endgf451

Keywords:

AHP, ALM, Dual-Account Old-Age Security, investment policy, liquidity

Abstract

This study aims to formulate an optimal investment policy for the Dual-Account Old-Age Savings (JHT) program managed by BPJS Ketenagakerjaan. The surge in early withdrawals since 2020 has shifted JHT’s role from long-term savings to a short-term liquidity instrument, creating potential asset–liability mismatches. The Asset Liability Management (ALM) framework is applied to assess asset–liability alignment, while the Modern Portfolio Theory (MPT) ensures efficient risk–return trade-offs. Strategy prioritization employs the Analytical Hierarchy Process (AHP) with 10 experts and five key criteria. The results indicate Asset–Liability Balance (0.25) and Liquidity (0.24) as dominant factors. The 70:30 allocation (Main:Supplementary Account) is identified as the optimal strategy (weight 0.67), balancing short-term liquidity resilience and long-term fund sustainability, consistent with ALM–MPT principles and post-P2SK policy direction

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Published

2025-12-22

Issue

Vol. 4 No. 3 (2025): Asian Journal of Social and Humanities

Section

Articles

License

Copyright (c) 2025 Nurul Rahmawati, Raden Dikky Indrawan, Zenal Asikin

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