Page 240 - CJ 2019 INTEGRATED REPORT

238
NOTES TO THE FINANCIAL
26 POST - EMPLOYMENT BENEFITS
Defined benefit pension plan
Amounts recognised in fin the statement of financial position:
Present value of funded obligations
Fair value of plan
assets
Deficit of funded plans
Present value of unfunded obligations
Liability in fin the statement of financial position STATEMENTS 31 DECEMBER 2019 (CONTINUED)
GROUP
2018 Rs’000
448 795 (296 757) 152 038 366 271 518 309
COMPANY 2018 Rs’000
150 139 (90 038)
60 101 366 271 426 372
426 372
- 2019 Rs’000
457 404
(265 908)
191 496
393 157
584 653
584 653
- 2019 Rs’000
176 922
(100 232)
76 690
393 157
469 847
469 847
- Non-Current 515 922
Current 2 387
The The Group operates defined benefit benefit benefit pension pension pension plans
plans
plans
All of of of of the the plans
plans
plans
are final salary pension pension pension plans
plans
plans
which provide provide benefits benefits to to members members fin fin in in fin in in the the the the form of of of of of a a a a a a a a a a a a a a a a a a a a a guaranteed level level of of of of of pension pension pension payable for for life The The level level of of of of of benefits benefits provided depends on on on on on members’ length of of of of service and and their salary in in fin in in in in in the the the the final years leading up up to to retirement Pensions in in fin in in in in in payment payment are are generally updated in fin in in in in in line with the the the inflation rate and and benefit payments
for funded obligations
are are from ILA managed Pension Fund The movement in fin the the defined benefit obligation over the the year is as follows:
Group At 01 01 January 2019 Current service cost Interest cost Past service cost Other movements
Remeasurements:
Return on plan
assets
excluding amount included in in in in interest expense Gain from change in in fin financial assumptions
Experience gains
Exchange differences
Contribution -Employers
Payment from plans
–Benefit payments
At 31 December 2019 Present Value of obligation Rs’000
815 066
26 877 42 482
11 476 (43 060)
852 841
- 54 346 34 380 88 726
- (91 006) (91 006) 850 561
Fair value of plan
assets
Rs’000
(296 757) - (15 751) - 24 938 (287 570)
15 325 - - 15 325 (82 379) 88 716 6 337
(265 908)
Total Rs’000
518 309
26 877 26 731 11 476 (18 122) 565 271 15 325 54 346 34 380 104 051 (82 379) (2 290) (84 669)
584 653
CURRIMJEE JEEWANJEE AND COMPANY LIMITED