Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 137 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 26. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) (b) Defined benefit plan – Philippines (Cont’d) 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 2023 2022 i) Retirement age 60 60 ii) Discount rate (per annum) 5.96% 6.96% iii) Expected rate of salary increases (per annum) 2.00% 2.00% The Group 2023 2022 (Decrease)/ (Decrease)/ Increase Increase Effect on defined benefit obligations RM RM Discount rate (per annum) - strengthened by 1% (8,538) (4,782) - weakened by 1% 9,411 5,140 Expected rate of salary increases (per annum) - strengthened by 1% 9,695 5,346 - weakened by 1% (8,937) (5,054) (c) Defined benefit plan – Indonesia The Group conforms to the obligations relating to the employee benefits due under the prevailing law and regulations. Movement in the present value of defined benefit obligations: The Group 2023 2022 RM RM At 1 January 491,519 498,194 Current service costs and interest 4,302 63,721 Actuarial gain in other comprehensive income - (50,925) Defined benefit paid (249,214) - Gain on settlement (277,980) - Exchange difference 31,373 (19,471) At 31 December - 491,519
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