The International Finance Corporation, the World Bank's financing arm for the private sector, is making an equity investment of $15 million in CompareAsiaGroup, a Hong Kong-based online financial comparison platform, to support the company's plans to improve financial inclusion, literacy and innovation in the region.(B1 Photo/Danung Arifin)

Govt Sets a Full Week of Collective Leave for Idul Fitri


JUNE 20, 2017

Jakarta. Manpower Minister Muhammad Hanif Dhakiri has officially declared a week-long collective leave for workers in the private sector to celebrate Idul Fitri, his ministry said in a statement  on Tuesday (20/06).

The collective leave — known locally as cuti bersama — will start on Friday, June 23, and last until June 30. The first day of Idul Fitri is expected to fall on June 25 or 26.

An official decree for the Idul Fitri leave was signed and enacted on Monday, four days after President Joko "Jokowi" Widodo issued a similar decree for public servants, which allows them to take the collective leave without reducing their annual leave.

For workers in the private sector, however, taking the collective leave will cut days off their annual leave, Hanif said. In Indonesia, workers who have clocked in 12 months in their job are entitled to at least 12 leave-days every year.

They can opt to continue working during the Idul Fitri holiday and keep their remaining annual leave intact, Hanif said.

Bank Holiday

Bank Indonesia, the country's central bank, made a statement last week there will be no monetary or banking activities from June 26 to June 29.

Bank Indonesia will provide rupiah-denominated lending and deposit facilities for banks on June 30 but there will be no monetary activities using foreign currency.

Should Bank Indonesia need to conduct any transaction in foreign currency on that day, it will use the currency exchange rates of June 22 as a reference.

The central bank's real-time gross settlement system (BI-RTGS) — used to process large transactions above Rp 100 million ($7,500) between banks, transaction and securities administration system (BI-SSSS) and clearing system (SKNBI) will operate normally on June 22, June 23 and July 3.