226 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 30. RETIREMENT BENEFIT OBLIGATIONS (Contd.) The movements during the financial year in the amount recognised in the statements of financial position in respect of the Group’s retirement benefit plan are as follows: Group 2022 RM’000 2021 RM’000 At beginning of the year 85,166 87,095 Charge to profit or loss (Note 11) 5,792 6,509 Benefits paid (8,230) (8,343) Exchange differences 26 (95) Remeasurement loss on defined benefit plan 405 - At end of the year 83,159 85,166 The expense recognised in the Group’s statement of profit or loss and other comprehensive income is analysed as follows: Group 2022 RM’000 2021 RM’000 Charge to profit or loss: Current service costs 2,978 3,424 Interest costs 2,814 3,085 Total included in staff costs (Note 11) 5,792 6,509 A subsidiary of the Group, RanhillSAJ, operates a defined benefit retirement scheme for its eligible employees, which is unfunded. The estimated obligations under the retirement benefit scheme are based on an actuarial valuation report prepared by a qualified independent actuary on 5 April 2023 covering the period from 31 December 2022 to 31 December 2025. The retirement benefits obligations are made for the non-funded benefits plan. The liability is accrued at the present value of the defined benefit obligations using the projected unit method. The principal assumptions used are as follows: Group 2022 % 2021 % Discount rate 5.0 4.2 Expected rate of salary increases 6.0 6.0 Mortality rate Malaysian Assured Life Table 2011-2015 Withdrawal 1.0 2.0
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