Frontken Berhad Annual Report 2020

Annual Report 2020 115 FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) Notes to the Financial Statements (cont’d) 25. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES Trade payables of the Group comprise amounts outstanding for trade purchases. The credit periods granted to the Group for trade purchases range from 30 to 90 days (2019: 30 to 90 days). In the previous financial year, included in other payables was RM3,100 owing to a related party. Other payables and accrued expenses consist of:- The Group The Company 2020 2019 2020 2019 RM RM RM RM Other payables 54,607,311 30,531,243 5,090 5,750 Accrued expenses 47,393,915 39,306,752 4,435,652 3,882,773 102,001,226 69,837,995 4,440,742 3,888,523 Less: Other payables (included under non-current liabilities) (2,845,851) (2,714,783) – – Current liabilities 99,155,375 67,123,212 4,440,742 3,888,523 Included in other payables are defined benefit plan as detailed below:- The Group 2020 2019 RM RM Defined benefit plan (Overseas subsidiaries) - Taiwan 2,157,207 2,128,431 - Philippines 232,267 194,474 - Indonesia 456,377 391,878 2,845,851 2,714,783 (a) Defined benefit plan – Taiwan The Group 2020 2019 RM RM Fair value of plan assets (7,127,926) (6,367,119) Present value of plan obligations 9,285,133 8,495,550 2,157,207 2,128,431 The Group contributes to a defined benefit plan that provides retirement benefits for employees upon retirement based on the following:- i) 2 months average salary for each year for the first 15 years of working; and ii) 1 month average salary for each year subsequent to 15 years of working.