NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
25. EMPLOYEE BENEFITS
(i) Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
(ii) Defined contribution plans
Employees in the Group are under a defined contribution scheme set up in 2020, the assets of which are held and administered by an independent fund administrator. All new employees of the Group from that date become members of the defined contribution plan. Payments by the Group to the defined contribution retirement plan are charged as an expense as they fall due.
The Group is under no obligation to cover any unfunded benefits.
The most recent actuarial valuations of plan assets and the present value of the defined contribution obligations were carried out at 31 December 2020 by QED Actuaries & Consultants. The present value of the defined contribution obligations, and the related current service cost and past service cost, were measured using the Projected Unit Credit Method
The amounts recognised in the Statement of Financial Position are as below:
THE GROUP
THE COMPANY
(Liability)/Assset Recognised in Statement of Financial Position
Year Ending 31 Dec 2020 Rs '000
Year Ending 31 Dec 2020 Rs '000
Year Ending 31 Dec 2019 Rs '000
Year Ending 31 Dec 2019 Rs '000
Defined Benefit Obligation
(14,273)
(10,414)
(9,070)
(17,133)
-
Fair Value of Plan Assets
-
-
-
(17,133)
(10,414)
Defined Benefit (Liability)/Asset
(14,273)
(9,070)
The expense recognised in Profit & Loss for the year ending 31 December 2020 is as follows:
THE GROUP THE COMPANY
Amount to be recongised in Profit & Loss
Year Ending 31 Dec 2020 Rs '000
Year Ending 31 Dec 2020 Rs '000
Net Service Cost
1,720
927 392
Net Interest on Net Defined Benefit Asset Expense/(Income) recognised in Profit & Loss
636
2,356
1,319
The expense recognised under Other Comprehensive Income (OCI) for the year ending 31 December 2020 is as follows:
THE GROUP THE COMPANY
Amount to be recongised in Profit & Loss
Year Ending 31 Dec 2020 Rs '000
Year Ending 31 Dec 2020 Rs '000
Actuarial (Gains)/Losses on economic assumptions
2
2
Actuarial (Gains)/Losses on experience Expense/(Income) recognised in OCI
57 59
24 26
125
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