Investment Policy Strategies in Risk and Liquidity Management for DualAccount Old-Age Security Schemes
DOI:
10.59888/endgf451Published:
2025-12-22Downloads
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
Keywords:
AHP ALM Dual-Account Old-Age Security investment policy liquidityLicense
Copyright (c) 2025 Nurul Rahmawati, Raden Dikky Indrawan, Zenal Asikin
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International. that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
