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As at 31 December 2012 and 2011, the amounts of liabilities recognised in the statement of financial position are determined
as follows:
(Unit : Baht’000)
Consolidated SET
2012 2011 2012 2011
Present value of obligations
Retirement benefits 158,732 145,295 158,732 145,295
Other benefits 29,117 25,880 29,117 25,880
187,849 171,175 187,849 171,175
Unrecognised actuarial loss
Retirement benefits (21,407) (21,953) (21,407) (21,953)
Liabilities in the statement of financial position 166,442 149,222 166,442 149,222
Movements of the provision for employee benefits for the years ended 31 December 2012 and 2011 were as follows:
(Unit : Baht’000)
Consolidated SET
2012 2011 2012 2011
Opening balance 149,222 120,110 149,222 120,110
Current service cost 16,087 10,053 16,087 10,053
Interest costs 6,370 5,832 6,370 5,832
Past service cost - 26,267 - 26,267
Unrealized gain from actuarial 546 - 546 -
Transfer from jointly-controlled entity 43 428 43 428
172,268 162,690 172,268 162,690
Less Benefits paid (5,826) (13,468) (5,826) (13,468)
Closing balance 166,442 149,222 166,442 149,222
Less Current portion (6,102) (5,630) (6,102) (5,630)
Total non-current 160,340 143,592 160,340 143,592
For the year ended 31 December 2012 and 2011, the principal actuarial assumptions used were as follows:
2012 2011
Discount rate as of 31 December 3.80% 3.80%
Salary increase rate - permanent employees 5.00% - 10.00% 5.00% - 10.00%
Salary increase rate - contract employees 4.50% 4.50%
Average turnover rate 0.00% - 9.00% 0.00% - 9.00%
Pre-retirement mortality rate 0.08% - 1.03% 0.08% - 1.03%
Retirement age 60 years old 60 years old