The Central Statistics Agency (BPS) has released its latest labor market report for August 2024, highlighting the sectors with the highest employment absorption rates in Indonesia.

Agriculture, forestry, and fisheries took the lead, employing 1.31 million people. This was followed by the wholesale and retail trade sector, along with vehicle repairs, which provided jobs for 780,000 individuals. The manufacturing industry also played a significant role, absorbing 660,000 workers, further demonstrating the importance of these sectors in Indonesia's employment landscape.

On the other hand, sectors with the lowest employment rates included electricity and gas supply, which employed only 40,000 people, and water management, waste treatment, and recycling, with 70,000 employees.

Indonesia's labor force reached 4.4 million in August 2024. However, the unemployment rate remains a concern, with 7.47 million people still without jobs. On a positive note, the average wage for workers has increased to IDR 3.27 million per month, marking a 2.81 percent rise compared to August of the previous year.

These findings highlight the ongoing dynamics of Indonesia’s labor market, underscoring the need for continued efforts in addressing unemployment while nurturing sectors that contribute significantly to job creation.

 
BP Danantara Sets Ambitious Goals for Future Growth

In related news, BP Danantara, a newly established investment management body set to be launched on November 7, 2024, by President Prabowo Subianto, is poised to become one of the largest state investment managers globally. With assets under management (AUM) reaching approximately USD 600 billion (IDR 9,429.8 trillion), BP Danantara aims to grow its portfolio further, with a target AUM of USD 982 billion.

The body will oversee seven major state-owned enterprises (SOEs), including Bank Mandiri, BRI, PLN, Pertamina, and Telkom, and will consolidate the Indonesia Investment Authority (INA) to strengthen Indonesia's national investment portfolio. Modeled after Singapore’s Temasek, BP Danantara will focus on strategic investments both domestically and internationally.

With its ambitious goal to become the fourth-largest state investment manager in the world, BP Danantara is set to play a key role in driving Indonesia’s economic growth, enhancing national welfare, and boosting the country's global competitiveness.