Some Important Points of the Revision of the Cooperative Law

Discussion of the revision of Law No. 25 of 1992 on Cooperatives, as most recently amended by Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (jointly referred to as "Law 25/1992") is still ongoing. The purpose of the amendment is to keep up with the times and strengthen the socio-economy of society.

Deputy Minister of Cooperatives Ferry Juliantono mentioned several things proposed in the draft.

"Among others, the issue of multi-party cooperatives, the issue of deposit guarantee institutions for savings and loan cooperative customers, including improving the status of the Indonesian Cooperative Council as a single organization for the cooperative movement," Ferry told hukumonline.com.

The government is targeting the completion of the new cooperative regulations in March 2025, related to the demands of the Ministry of Cooperatives which must be dynamic and adaptive for the needs of modern cooperatives.

The current regulatory process still has to conduct a national focus group discussion, before being submitted to parliament and the Ministry of Law for harmonization.