Section 8 UEM Edgenta Berhad FINANCIAL STATEMENTS 348 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 33. DEFINED BENEFIT PENSION PLANS (CONTD.) (a) Funded defined benefit plan (contd.) The sensitivity analysis above has been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The average duration of the defined benefit obligation at the end of the reporting period is 9 years (2022: 10 years). (b) Unfunded defined benefit plans EAL and MEEM operate unfunded retirement plans covering all their regular employees to comply with the requirement of the Saudi Arabian Labour Law. Benefits under the plan are based on the length of service and estimated base pay at the time of resignation, retirement, death and termination of the employees’ service for reasons other than misconduct, negligence or incompetence. The pension assets and liabilities are valued on annual basis by independent actuary, taking into account gains and losses. Group 2023 RM’000 2022 RM’000 At 1 January - - Acquisition of a subsidiary (Note 44(a)) 1,901 - Charge for the year 520 - Payments for the year (51) - Exchange differences 121 - At 31 December 2,491 - The details of net employee benefits expense recognised in income statement are as follows: Group 2023 RM’000 2022 RM’000 Current service costs 520 -
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