Basic HTML Version
NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
245
PAKISTAN OILFIELDS LIMITED
2020
2019
Rupees ('000)
CAPGAS - unfunded defined benefit plan
40.14
The amounts recognized in the statement of profit or loss are
as follows:
Current service cost
411
387
Interest cost
686
453
1,097
840
40.15
The amounts recognized in other comprehensive income are
as follows:
Remeasurement loss on staff retirement benefit plan
109
513
40.16
Changes in the present value of defined benefit obligation
are as follows:
Opening defined benefit obligation
5,509
5,182
Current service cost
411
387
Interest cost
686
453
Benefits paid
(855)
-
Remeasurement
(109)
(513)
Closing defined benefit obligation
5,642
5,509
40.17
Principal actuarial assumptions
The principal assumptions used in the actuarial valuation are as follows:
2020
2019
%
Discount rate
8.60
13.50
Expected rate of salary increase
8.60
13.50
40.18
Mortality was assumed to be 70% of the EFU(61-66) Table at valuations on both dates, June 30, 2019
and 2018.