Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 347 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 33. DEFINED BENEFIT PENSION PLANS (CONTD.) (a) Funded defined benefit plan (contd.) Changes in fair value of plan assets: Group 2023 RM’000 2022 RM’000 At 1 January (529) (672) Employer’s contribution (38) (131) Benefit paid 27 281 Actuarial gain (6) (19) Interest income (7) (3) Exchange differences (20) 15 At 31 December (573) (529) The principal assumptions used in determining defined benefit obligation of the Group are shown below: Group 2023 2022 Discount rate 1.27% 1.33% Salary escalation 3.00% 3.00% Actual return on plan assets: Group 2023 RM’000 2022 RM’000 Actual return of plan assets, representing actuarial gain recognised in the other comprehensive income (6) (19) A quantitative sensitivity analysis for significant assumptions as at 31 December 2023 and 2022 are as shown below: Sensitivity level Increase in one percentage Decrease in one percentage 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Assumptions Discount rate (116) (121) 122 129 Salary increase 120 126 (114) (119)
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