A new class developed for PTFI employees will help ensure the wages they earn will be wisely managed.
The class was developed in response to a survey conducted in 2018 on the financial behavior of employees that showed a significant number were struggling financially despite earning good wages.
“What the survey showed was that the welfare of employees and their families is strongly influenced not by the amount of income they earn but rather by their ability to manage income, said Nikodemus Purba, Vice President -Compensation and Benefit Management. “This is due to the lack of knowledge of how to budget, save and invest earnings.”
Papuans are hard workers, so earning the wages is not difficult for them, but many don’t save, said Tommi Parnando, Head-HR Project and Business Improvement.
“These PTFI employees make a better salary than most of the workforce in the nation, but a large number of them become trapped in debt, many after they have retired and can no longer earn wages,” he said.
The class provides important, basic information to help employees learn to manage their income from prioritizing finances and establishing a budget, to how to invest money in safe, profitable ways. It’s divided into the following four levels:
- Foundation – general financial knowledge and personal finance
- Basic –cash-flow management, debt management and savings habits
- Intermediate –emergency fund management, education funding, insurance and investment
- Advanced – business finance, property and securities
Employees won’t just learn about the information in the four levels – they’ll prove they know how to incorporate them into their personal finance habits, Parnando said.
“The goal is to change financial behavior, not just gain financial knowledge, so the employees will have to prove they understand and can use the knowledge before they move to the next level,” Parnando said.
A class of 28 employees selected through an online process went through the “Train the Trainer” class and will be the course instructors when classes begin in the third quarter.
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