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Frontken Corporation Berhad (651020-T)
ANNUAL REPORT
2016
24. TRADE PAYABLES, OTHER PAYABLES AND ACCRUED EXPENSES (CONT’D)
Other payables and accrued expenses consist of:
The Group
The Company
2016
2015
2016
2015
RM
RM
RM
RM
Other payables
31,397,358
19,101,230
9,079
1,032,295
Accrued expenses
24,163,584
18,349,706
1,229,012
344,320
55,560,942
37,450,936
1,238,091
1,376,615
Less: Other payables (included under
non-current liabilities)
(3,134,277)
(2,433,422)
-
-
Current liabilities
52,426,665
35,017,514
1,238,091
1,376,615
Included in other payables are defined benefit plan as detailed below:
The Group
2016
2015
RM
RM
Defined benefit plan (Overseas subsidiaries)
- Taiwan
2,450,404
1,860,145
- Philippines
269,068
227,743
- Indonesia
414,805
345,534
3,134,277
2,433,422
(a) Defined benefit plan – Taiwan
The Group
2016
2015
RM
RM
Fair value of plan assets
(5,835,050)
(5,258,185)
Present value of plan obligations
8,285,454
7,118,330
2,450,404
1,860,145
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.
Notes To The Financial Statements
(cont’d)