Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 134 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 25. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) Included in other payables are defined benefit plan as detailed below:- The Group 2021 2020 RM RM Defined benefit plan (Overseas subsidiaries) - Taiwan 2,132,657 2,157,207 - Philippines 300,063 232,267 - Indonesia 498,194 456,377 2,930,914 2,845,851 (a) Defined benefit plan – Taiwan The Group 2021 2020 RM RM Fair value of plan assets (7,497,560) (7,127,926) Present value of plan obligations 9,630,217 9,285,133 2,132,657 2,157,207 The Group contributes to a defined benefit plan that provides retirement benefits for employees upon retirement based on the following:- i) 2 months average salary for each year for the first 15 years of working; and ii) 1 month average salary for each year subsequent to 15 years of working. A maximum entitlement for a retired employee is 45 months average salary. The average salary of a retired employee is calculated based on the average 6 months’ salary prior to his retirement date. Plan assets comprise:- The Group 2021 2020 RM RM Cash at bank 1,378,052 886,714 Short-term investments 377,877 222,391 Debentures 461,100 440,506 Fixed income investments 1,303,076 1,365,711 Equity securities 3,182,714 3,385,052 Others 794,741 827,552 7,497,560 7,127,926
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