277 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 38 STAFF COSTS Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Salaries, wages and bonus 536,526 456,550 - 980 Defined contribution plan 18,901 16,153 - 167 555,427 472,703 - 1,147 Included within staff costs are remuneration of Executive Directors of the Group and the Company (Note 39). Recognition and measurement (a) Short term benefits Salaries, wages, bonuses and social security contributions are recognised as an expense in the financial year in which the services are rendered by employees. Short term accumulating compensated absences such as paid annual leave are recognised when services are rendered by employees that increase their entitlements to future compensated absences, and short term non-accumulating compensated absences such as sick leave are recognised when the absences occur. Non-monetary benefits such as medical care, housing and other staff related expenses are charged to the profit or loss as and when incurred. (b) Post-employment benefits The Group has post-employment benefit schemes in accordance with local conditions and practices in the countries in which it operates. These post-employment benefit schemes are defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee services in the current and prior periods. As required by law, the Company and its subsidiaries in Malaysia make contributions to the Employees Provident Fund (“EPF”) which is a defined contribution plan, whereas subsidiaries in other countries make their respective local contributions, if required by law. Such contributions are recognised as an expense in the profit or loss in the financial year to which they relate.
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