102
FRONTKEN CORPORATION BERHAD
(651020-T)
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
(cont’d)
19. TRADERECEIVABLES, OTHERRECEIVABLES, DEPOSITSANDPREPAIDEXPENSES (CONT’D)
The Group accrued employee benefits expenses based on the actuarial valuation performed by an independent
actuary adopting the Projected Unit Credit With Service Increment method, with the following principal actuarial
assumptions:
The Group
2014
2013
i)
Mortality rate
- below 25
0.00029
0.00029
- between age 25 to 30
0.00068
0.00068
- between age 30 to 35
0.00090
0.00090
- between age 35 to 40
0.00133
0.00133
- between age 40 to 45
0.00197
0.00197
- between age 45 to 50
0.00303
0.00303
- between age 50 to 55
0.00448
0.00448
- between age 55 to 60
0.00664
0.00664
- between age 60 to 65
0.01026
0.01026
ii)
Retirement age
65
65
iii)
Disability rate (per annum)
10% of
10% of
mortality rate mortality rate
iv)
Discount rate (per annum)
1.88%
2.00%
v)
Expected return on plan assets
2.00%
2.00%
vi)
Expected rate of salary increases (per annum)
3.00%
3.00%
Movement in the present value of defined benefit obligations:
The Group
2014
2013
RM
RM
At 1 January
3,381,916
3,680,528
Current service costs and interest
1,324,775
179,979
Actuarial losses/(gain) in other comprehensive income
575,303
(137,369)
Defined plan payable
–
(496,363)
Exchange difference
67,099
155,141
At 31 December
5,349,093
3,381,916
