IHH Healthcare Berhad
l
Annual Report 2014
174
Notes to the Financial Statements
22. Retirement benefits
Certain Malaysia-based subsidiaries of the Group have defined benefits plans that provide pension benefits for employee upon retirement. The
plans entitle a retired employee to receive one lump sum payment upon retirement. At the end of the financial year, the present values of the
unfunded obligations are:
Group
2014
RM’000
2013
RM’000
Present value of unfunded obligations
13,818
12,400
Movements in the liability for defined benefits obligations
At 1 January
12,400
12,444
Included in profit or loss
Current service costs
1,159
746
Past service credit
-
5
Interest on obligation
673
697
1,832
1,448
Included in other comprehensive income
Remeasurement gain
- Actuarial loss/(gain) arising from financial assumptions
- Changes in demographic assumptions
-
26
- Changes in financial assumptions
-
(926)
- Experience adjustments
-
(222)
-
(1,122)
Other
Benefits paid
(414)
(370)
At 31 December
13,818
12,400
Actuarial assumptions
Principal actuarial assumptions at the end of the financial year (expressed as weighted averages):
Group
2014
%
2013
%
Discount rate
5.0 – 5.5
6.3 – 6.8
Future salary increases
5.0 – 6.0
5.0 – 6.0
