UEM EDGENTA BERHAD ANNUAL REPORT 2021 1 2 3 4 5 6 7 257 256 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FINANCIAL STATEMENTS 24. RETIREMENT BENEFIT OBLIGATIONS (CONTD.) The details of the net employee benefits liability are as follows: Group 2021 RM’000 2020 RM’000 Present value of the defined benefit obligations (“PVDBO”) At 1 January 3,395 3,747 Defined retirement benefit obligations (Note 8) (121) 353 Contributions paid (425) (391) Payable by associates (159) (314) At 31 December 2,690 3,395 Group 2021 RM’000 2020 RM’000 Analysis of funded and unfunded PVDBO PVDBO from plans that are wholly unfunded 2,690 3,395 Analysed as: Current 550 877 Non-current: Later than 1 year but not later than 2 years 487 550 Later than 2 years 1,653 1,968 2,140 2,518 2,690 3,395 The details of net employee benefits expense recognised in the statement of comprehensive income are as follows: Group 2021 RM’000 2020 RM’000 Current service costs 49 56 (Gain)/loss on settlement (293) 141 Interest cost 123 156 Net employee benefits expense (Note 8) (121) 353 24. RETIREMENT BENEFIT OBLIGATIONS (CONTD.) Total amount recognised in statement of comprehensive income Group 2021 RM’000 2020 RM’000 Cumulative amount of actuarial loss recognised in statement of comprehensive income: At 1 January/31 December 963 963 Historical experience adjustments: PVDBO 2,690 3,395 Experience adjustment (% of PVDBO) 0% 0% Principal actuarial assumptions used: 2021 % 2020 % Discount rate 4.90 4.90 Expected rate of salary increases 5.00 5.00 Assumptions regarding future mortality are based on published statistics and mortality tables. A one percentage point change in the below key assumptions would have the following effects: (Decrease)/increase in PVDBO 2021 RM’000 2020 RM’000 Discount rate Increase in one percentage point on discount rate (68) (86) Decrease in one percentage point on discount rate 72 91 Salary increment rate Increase in one percentage point on salary increment rate 419 403 Decrease in one percentage point on salary increment rate (392) (378) The average duration of the retirement benefit obligation at the end of the reporting period is 3 years (2020: 3 years).
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