Page 244 - Pakistan Oilfields Limited - Annual Report 2020

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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
242
PAKISTAN OILFIELDS LIMITED
POL - defined benefit funded plan
40.2
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)
(154,676)
(97,805)
Management Staff Pension Fund Liability
24,713
44,105
Net liability/ (asset)
(129,963)
(53,700)
40.3
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
40.4
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
40.5
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