Severance pay of IBRA staff

Severance pay of IBRA staff

People know that the Indonesian Bank Restructuring Agency (IBRA), from the time it was set up in 1998 until it was dissolved last month, had been given special privileges.

IBRA was tasked not only to restructure ailing banks, but also corporate credits. Unfortunately, its "overpaid" employees failed to carry out their tasks as expected. The agency auctioned off most of its unrestructured assets with an 80 to 90 percent discount before it was dissolved on Feb. 27.

It is thus understandable for the people to be extremely surprised by reports that IBRA had allocated Rp 237 billion in severance pay for its some 5,000 employees.

Meanwhile, state aircraft manufacturer PT Dirgantara Indonesia (DI) and state lead producer PT Tambang Timah have for years been trying to settle their labor disputes.

The obvious disparities between the cases of DI, Tambang Timah and IBRA has irked the people.

IBRA provided huge funds for its former employees at a time when most of the Indonesian people are continuing to feel the impact of the economic crisis.

We hear of many people complaining about the lack of justice in the country. -- Bisnis Indonesia, Jakarta