Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 136 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 26. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) (b) Defined benefit plan – Philippines The Group conforms to the minimum regulatory benefit under prevailing law and regulations which is of the defined benefit type. The normal retirement age is 60. The plan provides a benefit equal to 22.5 days’ salary for every year of credited service. The regulatory benefits are paid in lump sum upon retirement. Movement in the present value of defined benefit obligations: The Group 2023 2022 RM RM At 1 January 287,626 300,063 Current service costs and interest 42,403 36,765 Actuarial loss/(gain) in other comprehensive income 21,208 (12,662) Defined plan payable (14,954) (26,277) Exchange difference 14,449 (10,263) At 31 December 350,732 287,626 Expenses recognised in profit or loss: The Group 2023 2022 RM RM Current service costs and interests 42,403 36,765 Actuarial losses and gains recognised directly in other comprehensive income: The Group 2023 2022 RM RM Actuarial (loss)/gain recognised during the year (21,208) 12,662
RkJQdWJsaXNoZXIy NDgzMzc=