32. RETIREMENT BENEFIT OBLIGATIONS Retirement benefit obligations recognised by the Group is analysed into: Group 2022 RM’000 2021 RM’000 Current 1,036 550 Non-current 1,046 2,140 2,082 2,690 The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its eligible employees. The Scheme is closed to new employees. Under the Scheme, eligible employees are entitled to retirement benefits on attainment of the retirement age of 60 (2021: 60), on medical incapacity or on death. The present value of defined benefit obligation was based on the actuarial valuation report by independent actuarist dated 9 January 2023. The details of the net employee benefits liability are as follows: Group 2022 RM’000 2021 RM’000 Present value of the defined benefit obligations (“PVDBO”) At 1 January 2,690 3,395 Defined retirement benefit obligations (Note 8) 411 (121) Actuarial gain (821) – Contributions paid (198) (425) Payable by associates – (159) At 31 December 2,082 2,690 Group 2022 RM’000 2021 RM’000 Analysis of funded and unfunded PVDBO Analysed as: Current 1,036 550 Non-current: Later than 1 year but not later than 2 years 268 487 Later than 2 years 778 1,653 1,046 2,140 PVDBO from plans that are wholly unfunded 2,082 2,690 32. RETIREMENT BENEFIT OBLIGATIONS (CONTD.) The details of net employee benefits expense recognised in income statement are as follows: Group 2022 RM’000 2021 RM’000 Current service costs 21 49 Loss/(gain) on settlement 209 (293) Interest cost 181 123 Net employee benefits expense (Note 8) 411 (121) Total amount recognised in statement of comprehensive income Group 2022 RM’000 2021 RM’000 Cumulative amount of actuarial loss recognised in statement of comprehensive income: At 1 January 963 963 Actuarial gain recognised in other comprehensive income (821) – At 31 December 142 963 Historical experience adjustments: PVDBO 2,082 2,690 Experience adjustment (value) (821) – Experience adjustment (% of PVDBO) -39% 0% Principal actuarial assumptions used: 2022 % 2021 % Discount rate 4.50 4.90 Expected rate of salary increases 4.00 5.00 Assumptions regarding future mortality are based on published statistics and mortality tables. p.342 p.343 UEM EDGENTA BERHAD INTEGRATED ANNUAL REPORT 2022 1 2 3 4 5 6 7 8 9 FINANCIAL STATEMENTS Notes to the financial statements For the year ended 31 December 2022 Notes to the financial statements For the year ended 31 December 2022
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