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Tag: omnibus law

Economy and Finance

Omnibus Law Becomes A Scenario To Save Indonesia’s Economy From A Crisis

Special Staff of the Minister of Finance Yustinus Prastowo assessed that the Draft on Omnibus Law Job Creation is the policy most likely to be taken by the government to overcome the economic crisis in the midst of the coronavirus pandemic (Covid-19). According to him, the regulatory plan is not the best choice. However, the Job Creation Bill is the most rational option to respond to current conditions. "Omnibus Law In our opinion, is the most likely strategy at this time, not the ideal one. Maybe it is not the best policy, maybe not the second best, but it is the most likely to be taken right now to answer objective needs," he said in a teleconference session, Tuesday (14/7/2020). "That there are definite shortcomings. But whether this is all bad or not. So I believe there are good thin...
Economy and Finance

World Bank: ‘Omnibus Law Cipta Kerja Potential To Harm The Indonesian Economy.’

The World Bank assesses that there are several clauses in the Job Creation Omnibus Law that have the potential to harm the Indonesian economy, which is inversely proportional to the purpose of the draft regulation which is to increase economic growth through investment. This was conveyed by the World Bank in Indonesia's economic report released this July under the title Indonesia Economic Prospects: The Long Road to Recovery. Three points highlighted by the World Bank are clauses on employment, licensing and the environment. "The revision of the Manpower Law in the Work Creation Omnibus Law Bill has the potential to reduce the protection provided to workers," wrote the World Bank in its report, on Wednesday (29/7/2020). According to the World Bank, the latest minimum wage schemes as well...