Page 125 - CCL AR 2017 Final

2017 2016
(Rupees in ‘000)
Current service cost 33,116 25,941
Interest cost 27,907 33,597
Expected return on plan assets (45,592) (46,131)
Expense recognized 15,431 13,407

Experience adjustment arising on plan liabilities losses 39,229 3,956
Return on plan assets excluding interest income gains (220,174) (120,243)
(180,945) (116,287)
Movement in net asset recognised in the balance sheet:

Balance as at July 01 (236,432) (123,552)
Net charge for the year 15,431 13,407
Re-measurements chargeable in other comprehensive income (180,945) (116,287)
Contribution to the fund (15,000) (10,000)
Balance as at June 30 (416,946) (236,432)
Movement in the present value of defined benefit obligation:

Balance as at July 01 399,375 353,290
Current service cost 33,116 25,941
Interest cost 27,907 33,597
Benefits paid during the year (28,911) (17,409)
Actuarial loss 39,229 3,956
Balance as at June 30 470,716 399,375

Movement in the fair value of plan assets:

Balance as at July 01 635,807 476,842
Expected return 45,592 46,131
Contributions 15,000 10,000
Benefits paid during the year (28,911) (17,409)
Actuarial gain 220,174 120,243
Balance as at June 30 887,662 635,807

Principal actuarial assumptions used are as follows:
2017 2016
(Percentage)
Expected rate of increase in salary level 10.25 9.50
Valuation discount rate 8.00 7.25
Rate of return on plan assets 8.00 7.25

Comparisons for past years:
As at June 30 2017 2016 2015 2014 2013
Present value of defined benefit (Rupees in ‘000)
obligations 470,716 399,375 353,290 264,832 225,183
Fair value of plan assets (887,662) (635,807) (476,842) (268,940) (216,451)
(Surplus) / deficit (416,946) (236,432) (123,552) (4,108) 8,732

Experience adjustment on plan liabilities (39,229) (3,956) (50,666) (12,286) (7,666)
Experience adjustment on plan assets 220,174 120,243 169,177 26,944 65,163
180,945 116,287 118,511 14,658 57,497

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