(b) Unfunded pension schemes Unfunded pension schemes comprise of pensions paid out of cash flow and relates to contribution for retired members. GROUP & COMPANY Sep-24 MUR m Sep-23 MUR m (i) Amount recognised in the Statements of Financial Position are as follows: Present value of unfunded obligation 22.5 23.5 Liability in the Statements of Financial Position 22.5 23.5 (ii) Amount recognised in profit or loss and other comprehensive income are as follows: Net interest on net defined benefit liability 1.0 1.0 Components of amount recognised in profit or loss 1.0 1.0 Liability experience loss 2.5 2.3 Liability (gain)/loss due to change in financial assumptions (0.6) 0.4 Components of amount recognised in other comprehensive income 1.9 2.7 (iii) Movements in liability recognised in Statements of Financial Position: At 1 October 23.5 23.6 Interest expense 1.0 1.0 Other benefits paid (3.9) (3.8) Liability experience loss 2.5 2.3 Liability (gain)/loss due to change in financial assumptions (0.6) 0.4 At 30 September 22.5 23.5 (iv) Sensitivity Analysis on defined benefit obligation at end of period Increase due to 1% decrease in discount rate 0.9 1.1 Decrease due to 1% increase in discount rate 0.8 1.0 The above sensitivity analysis has been carried out by recalculating the present value of the obligation at the end of the period after increasing or decreasing the discount rate while leaving all other assumptions unchanged. Any similar variation in the other assumptions would have shown smaller variations in the defined benefit obligation. (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 next year is MUR 4.2m. - The weighted average duration of the defined benefit obligations is 4 years. GROUP & COMPANY (vi) Principal actuarial assumptions at end of year: Sep-24 MUR m Sep-23 MUR m Discount rate 5.1% 4.5% Future pension increases 5.0% 5.0% Average life expectancy for: - Male at ARA 19.5 years 19.5 years - Female at ARA 24.2 years 24.2 years Comments on the results: The liability experience loss of MUR 2.5m is mainly due to actual mortality experience being lower than expected over the past year. The liability gain due to change in financial assumptions of MUR 0.6m is mainly due to the increase in the discount rate from 4.5% p.a in 2023 to 5.1% p.a in 2024. (c) Other retirement benefits Other post retirement benefits comprise mainly of gratuity on retirement payable under the Mauritian Workers’ Rights Act 2019 and other benefits. Other retirement benefits comprise full and residual retirement gratuities. Explanatory Notes 30 September 2024 25. POST EMPLOYMENT BENEFIT LIABILITIES continued 192
RkJQdWJsaXNoZXIy MzQ3MjQ5