Principal opens new office

JAKARTA (JP): Principal Indonesia, a retirement plan and service company, has opened a representative office in Semarang as part of its commitment to develop the market in Central Java and Yogyakarta.

Company president Dough Rasmussen said in a statement on Monday the prospects for the retirement market in the region were promising given the large size of the local workforce and an increasing awareness of pension plans.

"Our new representative office in Semarang is the first step in developing the retirement market outside of Jakarta. After this, Principal will set up offices in other major cities." (hen)