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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
170
PAKISTANOILFIELDS LIMITED
38.
STAFF RETIREMENT BENEFITS
The details of actuarial valuation of defined benefit funded plans carried out as at year end are as
follows:
38.1
The amounts recognized in the statement of financial
position are as follows:
2020
2019
Rupees ('000)
Present value of defined benefit obligations
1,519,369
1,500,143
Fair value of plan assets
(1,649,332)
(1,553,843)
(129,963)
(53,700)
Amounts in the statement of financial position:
Gratuity Fund - (Asset)
(154,675)
(97,805)
Management Staff Pension Fund-Liability
24,713
44,105
Net (Assets)
(129,962)
(53,700)
38.2
The amounts recognized in the statement of profit or loss are
as follows:
Current service cost
40,047
36,371
Past service cost
2,169
-
Net interest cost
(13,311)
(1,179)
Other
-
(2)
28,905
35,190
38.3
The amounts recognized in statement of profit or loss and
other comprehensive income are as follows:
Remeasurement due to:
Change in financial assumptions
24,693
-
Experience adjustments
(92,561)
(9,997)
Investment return
49,613
43,609
(18,255)
33,612
38.4
Changes in the present value of defined benefit obligation
are as follows:
Opening defined benefit obligation
1,500,143
1,500,895
Current service cost
40,047
36,371
Past service cost
2,169
-
Interest cost
195,221
127,234
Remeasurement loss
(67,869)
9,997
Benefits paid
(150,342)
(174,354)
Closing defined benefit obligation
1,519,369
1,500,143