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Tycoons Worldwide Group (Thailand) Plc.
19. Provision for long-term employee benefits
Provision for long-term employee benefits, which represents compensation payable to employees
after they retire from the Company, was as follows:
(Unit: Thousand Baht)
Consolidated/Financial
statements in which equity
method is applied/
Separate financial statements
2021 2020
Provision for long-term employee benefits at beginning of year 40,415 37,056
Included in profit or loss:
Current service cost 2,723 2,710
Interest cost 688 649
Provision for long-term employee benefits at end of year 43,826 40,415
The Company expect to pay Baht 2.2 million of long-term employee benefits during the next year (2020:
Baht 0.4 million).
As at 31 December 2021, the weighted average duration of the liabilities for long-term employee benefit is
16 years (2020: 16 years).
Significant actuarial assumptions are summarised below:
(Unit: percent per annum)
Consolidated/Financial statements in
which equity method is applied/
Separate financial statements
2021 2020
Discount rate 1.8 1.8
Future salary increase rate 3.0 - 4.5 3.0 - 4.5
Staff turnover rate 0.0 - 50.0 0.0 - 50.0
The result of sensitivity analysis for significant assumptions that affect the present value of the
long-term employee benefit obligation as at 31 December 2021 and 2020 are summarised below:
(Unit: Million Baht)
Consolidated/Financial statements in which equity method is applied/Separate financial statements
As at 31 December 2021 As at 31 December 2020
Increase 0.5% Decrease 0.5% Increase 0.5% Decrease 0.5%
Discount rate (3) 3 (3) 3
Salary increase rate 4 (3) 3 (3)
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