Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 135 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 26. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) (a) Defined benefit plan – Taiwan (Cont’d) The Group’s defined benefit plan 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 2023 2022 i) Retirement age 65 65 ii) Disability rate (per annum) 10% of 10% of mortality rate mortality rate iii) Discount rate (per annum) 1.50% 1.50% iv) Expected rate of salary increases (per annum) 2.75% 2.75% The Group 2023 2022 (Decrease)/ (Decrease)/ Increase Increase Effect on defined benefit obligations RM RM Discount rate (per annum) - strengthened by 0.25% (1,172) (253,917) - weakened by 0.25% 1,291 265,139 Expected rate of salary increases (per annum) - strengthened by 0.25% 1,263 257,561 - weakened by 0.25% (1,154) (247,997)
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