Sharia Early Retirement Modelling Using Accrued Benefit Cost

Authors

  • Eli Zulkatri Actuarial Science, Faculty of Mathematics and Natural Sciences, Bandung Institute of Technology, Jl. Ganesha 10/12 Bandung 40132, Indonesia
  • Rusni Samsir Actuarial Science, Faculty of Mathematics and Natural Sciences, Bandung Institute of Technology, Jl. Ganesha 10/12 Bandung 40132, Indonesia
  • Ahmad Fuad Zainuddin Mathematics, Faculty of Mathematics and Natural Sciences, Bandung Institute of Technology, Jl. Ganesha 10/12 Bandung 40132, Indonesia
  • Sapto Wahyu Indratno Statistic Research Division, Faculty of Mathematics and Natural Sciences, Bandung Institute of Technology, Jl. Ganesha 10/12 Bandung 40132, Indonesia

Keywords:

accrued benefit cost, early retirement, sharia investment, project unit credit

Abstract

One approach for estimating normal cost and actuarial liability is Accrued Benefit Cost. In this study, researchers apply Accrued Benefit Cost to the Project Unit Credit to determine cumulative normal cost, actuarial liability, and to estimate cumulative fund development from sharia investment. This approach is applied to an insurance company that has 3 types of investment products, package A, package B, and package C. According to the simulation results, typical contributions are calculated based on the period of service and the initial income. The development fund depends on the investment package chosen, where participants who choose package A will get higher investment benefits than packages B and C. This is because the investment benefits of package A are more stable than that of B and C.

Downloads

Download data is not yet available.

References

Bowers, N.L., H.U. Gerber, J.C. Hickman, D.A. Jones, & C.J. Nesbitt, 1997, Actuarial Mathematics, The Society of Actuaries, United States of America.

Burnay, Nathalie., Voluntary Early Retirement: Between Desires and Necessities. Perspectives interdisciplinaires sur le travail et la santé. 10-2, pp 1-17, 2008.

Caraka, R. E., Kajian Perhitungan Dana Pensiun Menggunakan Accrued Benefit Cost, Jurnal BPPK, 9(2), 2016.

Fatwa Dewan Syariah Nasional Nomor 88/DSN-MUI/XI/2013 tentang Pedoman Umum Penyelenggaraan Program Pensiun Berdasarkan Prinsip Syariah, 2013, Jakarta: Dewan Syariah Nasional Majelis Ulama Indonesia.

Financial Fervices Authority (OJK). 2020. About Pension Fund Statistics 2020. https://www.ojk.go.id/. (Accessed on 10 November 2021).

Grizzle LS, 2005, Three Pension Cost Methods Under Varying Assumptions [Thesis & Disertasi], United States: Brigham Young University.

Jordan, C. W., Society of Actuaries’ Textbook on Life Contingencies, The Society of Actuaries, Chicago., 1991.

Otoritas Jasa Keuangan. 2020. Tentang Roadmap IKNB Syariah 2015-2019. https://www.ojk.go.id/. (Diakses di pada tanggal 11 November 2021).

Otoritas Jasa Keuangan. 2020. Tentang Statistik Dana Pensiun 2020. https://www.ojk.go.id/. (Diakses di pada tanggal 10 November 2021)

Peraturan Menteri Tenaga Kerja Republik Indonesia Nomor 02 Tahun 1993 tentang Usia Pensiun Normal Dan Batas Usia Pensiun Maksimum Bagi Peserta Peraturan Dana Pensiun, 1995.

Persatuan Aktuaris Indonesia. Tentang Standar Praktik Aktuaria Dana Pensiun No. 3.02 (SPA-DP No. 3.02) 2008. http://aktuaris.or.id. (Diakses di pada tanggal 13 Oktober 2021)

Tunggal, A. W., 1995, Dasar-dasar Akuntansi Dana Pensiun, Rineka Cipta: Jakarta.

Undang-Undang Republik Indonesia Nomor 11 Tahun 1992 tentang Dana Pensiun, 1992.

Widjajanto, Joannes, 2009, Manajemen Sumber Daya Manusia, Depok: Penebar Swadaya.

Winklevoss HE, 1993, Pension Mathematics with Numerical Illustration, 2nd edn,. Philadelphia (US), University of Pennsylvania Press

Downloads

Published

2022-10-13

How to Cite

Zulkatri, E., Samsir, R., Zainuddin, A. F., & Indratno, S. W. (2022). Sharia Early Retirement Modelling Using Accrued Benefit Cost. ITB Graduate School Conference, 1(1), 300–314. Retrieved from https://gcs.itb.ac.id/proceeding-igsc/index.php/igsc/article/view/28

Issue

Vol. 1 No. 1 (2021)

Section

Articles