APM AUTOMOTIVE HOLDINGS BERHAD
82
NOTES TO THE
FINANCIAL STATEMENTS
17. Employee benefits (continued)
Net defined benefit
liability
2014
2013
Company
RM’000
RM’000
Balance at 1 January
615
1,257
Included in profit or loss
Current service cost
-
74
Past service credit
-
225
Interest cost
-
22
-
321
Included in other comprehensive income
Actuarial gain recognised in equity
-
87
Others
Benefits paid
-
(1,050)
Balance at 31 December
615
615
Actuarial assumptions
Principal actuarial assumptions at the end of the reporting period (expressed as weighted averages):
Group and Company
2014
2013
Discount rate
5.75% - 6.0% 5.75% - 6.0%
Future salary growth
6.5%
6.5%
Future pension growth
12% - 13% 12% - 13%
Assumptions regarding future mortality are based on published statistics and mortality tables. The average life
expectancy of an individual retiring at age 60 years for both genders at the end of the reporting date.
At 31 December 2014, the weighted-average duration of the defined benefit obligation was 3 years (2013: 3
years).
