Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2022 139 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 25. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) Included in other payables are defined benefit plan as detailed below: The Group 2022 2021 RM RM Defined benefit plan (Overseas subsidiaries) - Taiwan 47,308 2,132,657 - Philippines 287,626 300,063 - Indonesia 491,519 498,194 826,453 2,930,914 (a) Defined benefit plan – Taiwan The Group 2022 2021 RM RM Fair value of plan assets (7,899,654) (7,497,560) Present value of plan obligations 7,946,962 9,630,217 47,308 2,132,657 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. A maximum entitlement for a retired employee is 45 months average salary. The average salary of a retired employee is calculated based on the average 6 months’ salary prior to his retirement date. Plan assets comprise: The Group 2022 2021 RM RM Cash at bank 1,290,803 1,378,052 Short-term investments 324,676 377,877 Debentures 512,688 461,100 Fixed income investments 1,237,086 1,303,076 Equity securities 3,685,188 3,182,714 Others 849,213 794,741 7,899,654 7,497,560
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