Annual Report 2015
103
9 EMPLOYEE BENEFITS
a) The amounts recognised in the consolidated statement of financial position are as follows:
Defined benefit pension plans
Pension assets Pension liability
2015
2014
2015
2014
Present value of defined benefit obligation
(2,606,449)
(2,706,572)
(312,440)
(302,311)
Fair value of plan assets
3,840,920
4,020,468
259,845
245,036
Surplus/(deficit)
1,234,471
1,313,896
(52,595)
(57,275)
Effect of asset ceiling
(11,324)
(14,171)
–
–
Net asset/(liability) recognised in the
consolidated statement of financial position
1,223,147
1,299,725
(52,595)
(57,275)
Post-retirement medical benefits
2015
2014
Present value of defined benefit obligation
(406,171)
(423,502)
Fair value of plan assets
–
–
Net liability recognised in the consolidated
statement of financial position
(406,171)
(423,502)
b) Changes in the present value of the defined benefit obligation are as follows:
Defined benefit
Post-retirement
pension plans
medical benefits
2015
2014
2015
2014
Opening defined benefit obligation
3,008,883
2,863,987
423,502
304,850
Acquisition of a subsidiary
–
–
22,375
–
Exchange adjustments
1,783
(2,844)
(279)
(65)
Current service cost
114,659
100,108
19,953
14,709
Interest cost
156,820
148,843
21,332
15,385
Members’ contributions
1,107
1,029
–
–
Re-measurements:
-
Experience adjustments
(51,076)
(15,518)
(34,388)
91,436
-
Actuarial (losses)/gains from change in
demographic assumptions
(4,471)
2,505
(6)
76
-
Actuarial losses from change in
financial assumption
(214,058)
–
(43,432)
–
Benefits paid
(94,758)
(89,227)
126
(203)
Premiums paid by the Group
–
–
(3,012)
(2,686)
Closing defined benefit obligation
2,918,889
3,008,883
406,171
423,502
