Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2022 142 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 25. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) (b) Defined benefit plan – Philippines (Cont’d) Movement in the present value of defined benefit obligations: The Group 2022 2021 RM RM At 1 January 300,063 232,267 Current service costs and interest 36,765 24,104 Actuarial (gain)/loss in other comprehensive income (12,662) 50,358 Defined plan payable (26,277) - Exchange difference (10,263) (6,666) At 31 December 287,626 300,063 Expenses recognised in profit or loss: The Group 2022 2021 RM RM Current service costs and interests 36,765 24,104 Actuarial gains and losses recognised directly in other comprehensive income: The Group 2022 2021 RM RM Actuarial gains/(losses) recognised during the year 12,662 (50,358) The Group defined benefit plan based on the actuarial valuation performed by an independent actuary adopting the Projected Unit Credit method, with the following principal actuarial assumptions: The Group 2022 2021 i) Retirement age 60 60 ii) Discount rate (per annum) 6.96% 4.97% iii) Expected rate of salary increases (per annum) 2.00% 2.00%
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