CFSL Integrated Report 2021

171 I N T E G R A T E D R E P O R T 2 0 2 1 25. POST- EMPLOYMENT BENEFIT LIABILITIES (CONT’D) (b) Unfunded pension schemes (cont’d) (v) Future cash flows - The funding policy is to pay benefits out of the Group’s cashflow as and when due. - Expected employer contributions to post-employment benefit plans for the year ending 30 September 2022 are MUR 3.6m. - The weighted average duration of the defined benefit obligations is 5 years. GROUP & COMPANY Sep-21 Sep-20 (vi) Principal actuarial assumptions at end of year: Discount rate 4.5% 2.7% Future pension increases 5.0% 2.0% Average retirement age (ARA) 60 60 Average life expectancy for: - Male at ARA 19.5 years 19.5 years - Female at ARA 24.2 years 24.2 years GROUP COMPANY Sep-21 MUR m Sep-20 MUR m Sep-21 MUR m Sep-20 MUR m (i) Amounts recognised in the Statements of Financial Position are as follows: Present value of unfunded obligation 50.3 62.0 49.0 - Liability in the Statements of Financial Position 50.3 62.0 49.0 - (ii) Amounts recognised in profit or loss and other comprehensive income are as follows: Service cost: Current service cost 4.8 4.9 4.6 - Net interest on net defined benefit liability 1.7 3.2 1.6 - Components of amount recognised in profit or loss 6.5 8.1 6.2 - Liability experience (gain)/loss (15.9) 1.6 (15.0) - Liability gain due to change in demographic assumptions - (22.9) - - Liability (gain)/loss due to change in financial assumptions (1.7) 20.7 (1.5) - Components of amount recognised in other comprehensive income (17.6) (0.6) (16.5) - Other post retirement benefits comprise mainly of gratuity on retirement payable under the Workers’ Rights Act 2019 (2018-Employment Rights Act 2008) and other benefits. Other retirement benefits comprise full and residual retirement gratuities. (c) Other retirement benefits Explanatory Notes 30 SEPTEMBER 2021 E x p l a n a t o r y N o t e s

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