UMP (Regional Minimum Wage) Jakarta is the
minimum wage standard set by the Jakarta Provincial Government for workers in
that region. UMP Jakarta is part of the national wage system applied throughout
Indonesia. Each province has its own UMR (Regional Minimum Wage), reflecting
the differences in living costs and inflation rates in each region. However,
the received wage amount will also be adjusted depending on job level, work
experience, length of service, and workload. Companies need to ensure that employees
receive a salary commensurate with their abilities and work experience.
Quoting from CNBC
Indonesia, North Maluku is the province with the highest UMP increase in 2024,
set to rise by 7.50% or Rp221,646.57 to Rp3,200,000 from the 2023 UMP of
Rp2,976,720. Meanwhile, the UMP for Jakarta in 2024 is Rp5,067,381. This figure
represents an increase of 3.6% or the equivalent of Rp165,583.
Source: https://menteng.raywhite.co.id/
Assume using one of the luxury properties from Ray White
Menteng with an approximate price range of IDR 50 billion, covering an area of
733 square meters, equipped with 11 bedrooms and 9 bathrooms. To calculate how
long it takes to save up and buy a house in the Menteng area with the Jakarta
Provincial Minimum Wage (UMP), we need to consider several factors such as the
salary amount, the target house price, and the percentage of the salary that
can be allocated for savings each month.
- The Jakarta Provincial Minimum Wage (UMP) amount in 2024 is
approximately IDR 5,067,381 per month.
- Target House Price in the Menteng Area.
House prices in the Menteng area can vary significantly
depending on the type, size, and facilities. For illustration, we can estimate
the target house price to be around IDR 50 billion. - Percentage of Salary Allocatable for Savings.
To determine how much money can be allocated for savings
each month, we can use a specific percentage of the salary. For example, we can
assume 50% of the salary for savings.
With
that assumption, we can calculate the amount of money that can be saved each
month:
- Monthly Savings
Amount: Salary x Savings Percentage
- Monthly Savings
Amount: IDR 5,067,381 x 50% = IDR 2,533,690
Next,
we can calculate how much time is needed to reach the savings target:
Fantastic! So, assuming the Jakarta Provincial Minimum Wage
(UMP) is IDR 5,067,381 per month and allocating 50% of the salary for savings,
it would take approximately 19,734.06 months or 1,644.5 years to reach the
savings target of IDR 50 billion. Even if you use the entire salary to acquire
the house, it would still take around 9,867.029 months or 844 years.
Please note that this is only a rough estimate, and the
actual situation may be influenced by factors such as changes in salary,
inflation rates, or other additional income. For a more accurate financial
plan, it's advisable to consult with a financial or banking expert. If you are
interested in owning a luxury home in the Menteng area, Ray White Menteng, as
the best real estate agent, is here to help you find your dream home in Menteng
and its surroundings. Make your dream property a reality this year with Ray
White Menteng.
“Ray White Menteng, Your Best Property Agency Since 1998”
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