REPUBLIC BANK LIMITED
80
Notes to theConsolidatedFinancial Statements
For the year ended September 30, 2014. Expressed in thousands of Trinidad and Tobago dollars ($’000), except where otherwise stated
9 Employee benefits
(continued)
g) The amounts recognised in the consolidated statement of income are as follows:
Defined benefit pension plans
Post-retirement medical benefits
2014
2013
2014
2013
Current service cost
107,811
92,997
14,652
10,538
Interest on defined benefit obligation
(65,309)
(69,696)
15,221
12,136
Past service cost
(8,473)
(9,343)
221
222
Administration expenses
1,407
1,417
–
–
Total included in staff costs
35,436
15,375
30,094
22,896
Net benefit cost under the previous IAS 19 rules
16,542
20,193
34,400
23,812
h) Re-measurements recognised in other comprehensive income
Defined benefit pension plans
Post-retirement medical benefits
2014
2013
2014
2013
Experience (gains)/losses
(22,958)
(39,959)
91,511
62,306
Effect of asset ceiling
122
1,454
–
–
Total included in other comprehensive income
(22,836)
(38,505)
91,511
62,306
i) Summary of principal actuarial assumptions as at September 30
2014
2013
%
%
Discount rate
5.00 - 7.75
5.00 - 7.75
Rate of salary increase
2.50 - 5.50
2.50 - 5.50
Pension increases
0.00 - 2.40
0.00 - 2.40
Medical cost trend rates
5.75 - 6.00
7.00 - 7.75
NIS ceiling rates
3.00 - 5.00
3.00 - 5.00
Assumptions regarding future mortality are based on published mortality rates. The life expectancies underlying the value of the defined
benefit obligation as at September 30 are as follows:
