Page 110 - ICD AR21 EN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
(CONTINUED)
17 EMPLOYEE PENSION LIABILITIES (Continued)
17.1 THE MOVEMENT IN THE PRESENT VALUE OF DEFINED BENEFIT OBLIGATION IS AS FOLLOWS:
8,354,399 571,391 216,000
95,080 (2,082,933) (45,214) -
SPP
SRMP
31 December 2021 USD
31 December 2020 USD
31 December 2021 USD
31 December 2020 USD
Balance as at 1 January
Current service costs
Cost on defined benefit obligation
Plan participants contributions
Net actuarial deficit
Disbursements from plan assets
Others - 427,848
6,366,961 439,431 208,000
66,266 1,312,077 (38,336) -
2,061,284 68,000 (281,264)
66,266 297,334 (38,336)
-
93,614,706 71,560,539 6,476,323 5,041,028 2,421,000 2,347,000 1,872,371 1,473,813
(19,533,968) 13,538,786 (1,212,076) (774,308)
83,638,356
93,614,706
7,108,723
8,354,399
17.2 THE MOVEMENT IN THE PRESENT VALUE OF THE PLAN ASSETS IS AS FOLLOWS:
44,445,671 2,173,284 1,497,000 57,000
1,473,813 95,080 3,455,469 170,550 (774,308) (45,214) (663,137) 7,233
SPP
SRMP
31 December 2021 USD
31 December 2020 USD
31 December 2021 USD
31 December 2020 USD
Balance as at 1 January
Income on plan assets
Return on plan assets greater / (less) than
discount rate
Plan participants contributions
Employer contribution
Disbursements from plan assets
Others 794,937
45,341,816 1,203,000
(3,837,933)
(4,092,692)
31,388
1,872,371
4,372,891 (1,212,076)
48,535,006
45,341,816
2,489,321
2,173,284
The above net liability mainly represents the cumulative actuarial losses resulting from the difference between the actual experience and the assumptions used in estimating the liability, which is recognized by the Corporation in the members’ equity immediately in the year, it arises, if material.
108 ICD ANNUAL REPORT 2021