Perhitungan Iuran Normal Program Pensiun dengan Asumsi Suku Bunga Mengikuti Model Vasicek

Abstract

Labor has a very important role for national development. One way to optimize their productivity is to guarantee a certainty to earn income after retirement. Therefore the government and the private sector must have a program that can ensure the sustainability of this financial support. One option is a pension plan. The purpose of this study is to calculate the  normal cost  with the interest rate assumed to follow the Vasicek model and analyze the normal contribution of the pension program participants. Vasicek model is used to match with  the actual conditions. The method used in this research is the Projected Unit Credit Method and the Entry Age Normal method. The data source of this research is lecturers of FMIPA Unud. In addition, secondary data is also used in the form of the interest  rate of Bank Indonesia for the period of January 2006-December 2015. The results of this study indicate that  the older the age of the participants, when starting the pension program, the greater the first year normal cost  and the smaller the benefit which he or she  will get. Then, normal cost with constant interest rate  greater than normal cost with Vasicek interest rate. This occurs because the Vasicek model predicts interest between 4.8879%, up to 6.8384%. While constant interest is only 4.25%.  In addition, using normal cost that proportional to salary, it is found that the older the age of the participants the greater the proportion of the salary for normal cost.