Page 118 - KELAG Annual Report 2019
P. 118

The pension and severance obligations as of 31 December 2019 and 31 December 2018 are based
                                      on the following assumptions (see Note 23):










                                       PENSIONS AND PENSION-RELATED
                                       OBLIGATIONS
                                         Discount rate
                                            Pensions                                  0.63%             1.37%
                                            Defined benefit plans and pension-related
                                            obligations                            0.97-1.11%       1.85 - 2.01%
                                         Pension increases
                                            Increase rate for pension assessment base   3.03%           2.65%
                                            Increase rate for future pensions         1.90%             1.57%
                                         Employee turnover                             None             None
                                         Pension age for women                         60-62            60-62
                                         Pension age for men                           62-65            62-65
                                         Long-term return on plan assets              1.11%             2.01%
                                       STATUTORY SEVERANCE PAYMENTS
                                         Discount rate                                0.55%             1.37%
                                         Salary increases                             3.03%             2.65%
                                         Employee turnover                             None             None



                                      The following sensitivity analyses for pension obligations and severance payments present the
                                      impact of changes in the main actuarial assumptions on the amount of the obligations. In each
                                      case, one significant input is changed and the other inputs are kept constant. The change in the
                                      obligation is calculated in the same way as the actual obligation using the projected unit credit
                                      method pursuant to IAS 19.
   113   114   115   116   117   118   119   120   121   122   123