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Remittances from Indonesian workers abroad hit US$9.8b annually, says country’s minister

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Louise Jardin
Louise Jardin
Louise Jardin has been in Asia for twelve years and written for a series of journals and newspapers including the Japan Times in Tokyo, CFO Asia and a number of financial journals across Asia. She now lives in Hong Kong. Disclosure: I have no direct investment holding in any stocks or bonds in Indonesia , and no plans to initiate any positions within the next 96 hours. The opinion expressed in this article is my own. I have no commercial relationship with any company cited on this website nor am I receiving any compensation from anyone except from Alpha Southeast Asia, controlling shareholder of www.whatinvestorswant.com

The average remittances from Indonesian migrant workers from 2015 to 2019 reached US$9.8 billion annually, Coordinating Minister for Economic Affairs Airlangga Hartarto said.

These remittances provide financial benefits for the workers’ families back home and act as a catalyst in improving the country’s foreign exchange.

Indonesia, the fourth most populous country in the world, has consistently enjoyed remittances from their nationals working overseas, who have been dubbed as ‘Wira Kiriman Wang’ or ‘Remittance Heroes’.

Airlangga, in a statement, said migrant workers have become a pillar of national economic growth as they also contribute to the national income and economic productivity.

He pointed out that the country received US$22 million in remittances from Indonesian workers in South Korea in the second quarter of 2022.

On August 22, Indonesia sent some 551 migrant workers to South Korea under the government-to-government recruitment scheme for the manufacturing and fisheries sectors.

Indonesian government continues to strive to improve services and protection for workers such as government-to-government recruitment scheme, and to eradicate illegal worker placement syndicates.

Under the schemes, some costs, such as placement fees, departure and return ticket fees, work visas, job training, certificates, passport replacement, health checks, transportation and accommodation, are also exempted.

The workers are also getting access to financing via ‘Kredit Usaha Rakyat’ provided by the government with maximum loan up to 100 million rupiah (RM30,169) to fund their capital for working abroad

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