Regulatory AlertsOJK Regulation No. 43 of 2024 on the Development of Human Resource Quality for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions
The Financial Services Authority (OJK) issued Regulation No. 43 of 2024 to mandate the continuous development of human resource quality within financing institutions, venture capital companies, microfinance institutions, and other financial service institutions. The regulation requires these entities to allocate at least 2.5% of their annual labor costs for training, appoint Indonesian directors responsible for HR management, and implement standardized competency certification systems. It also establishes the legal framework for coordinating with certification bodies and repeals several previous regulations to ensure alignment with these new human resource development standards.
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