Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 137 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 25. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D) (b) Defined benefit plan – Philippines The Group conforms to the minimum regulatory benefit under prevailing law and regulations which is of the defined benefit type. The normal retirement age is 60. The plan provides a benefit equal to 22.5 days’ salary for every year of credited service. The regulatory benefits are paid in lump sum upon retirement. Movement in the present value of defined benefit obligations:- The Group 2021 2020 RM RM At 1 January 232,267 194,474 Current service costs and interest 24,104 24,354 Actuarial gains in other comprehensive income 50,358 6,956 Exchange difference (6,666) 6,483 At 31 December 300,063 232,267 Expenses recognised in profit or loss:- The Group 2021 2020 RM RM Current service costs and interests 24,104 24,354 Actuarial gains and losses recognised directly in other comprehensive income:- The Group 2021 2020 RM RM Actuarial losses recognised during the year (50,358) (6,956)
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