Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 343 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 32. RETIREMENT BENEFIT OBLIGATIONS Retirement benefit obligations recognised by the Group is analysed into: Group 2023 RM’000 2022 RM’000 Current 268 1,036 Non-current 893 1,046 1,161 2,082 The Group operates an unfunded, defined benefit Retirement Scheme (“the Scheme”) for its eligible employees. The Scheme is closed to new employees. Under the Scheme, eligible employees are entitled to retirement benefits on attainment of the retirement age of 60 (2022: 60), on medical incapacity or on death. The present value of defined benefit obligation was based on the actuarial valuation report by independent actuaries dated 9 January 2023. The details of the net employee benefits liability are as follows: Group 2023 RM’000 2022 RM’000 Present value of the defined benefit obligations (“PVDBO”) At 1 January 2,082 2,690 Defined retirement benefit obligations (Note 8) (600) 411 Actuarial gain - (821) Contributions paid (321) (198) At 31 December 1,161 2,082 Group 2023 RM’000 2022 RM’000 Analysis of funded and unfunded PVDBO Analysed as: Current 268 1,036 Non-current: Later than 1 year but not later than 2 years 229 268 Later than 2 years 664 778 893 1,046 PVDBO from plans that are wholly unfunded 1,161 2,082
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