Page 135 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

18. 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/Separate
financial statements
2022 2021
Provision for long-term employee benefits at beginning of year 43,826 40,415
Included in profit or loss:
Current service cost 2,913 2,723
Interest cost 726 688
Past service costs and gains or losses on settlement 4,103 -
Included in other comprehensive income:
Actuarial (gain) loss arising from
Demographic assumptions changes 2,518 -
Financial assumptions changes (7,956) -
Experience adjustments 7,703 -
Benefits paid during the year (1,131) -
Provision for long-term employee benefits at end of year 52,702 43,826

The Company made a revision to its employee benefit plans, reducing a retirement age

of 65 years to 60 and 63 years, effective from 24 March 2022.Such change was considered
amendments to post-employment benefit plans, leading to increased long-term employee
benefit liabilities of the Company amounting to Baht 4 million. The Company

reflected the change by recognising past service costs as expenses in the income
statement of the current year.

The Company expect to pay Baht 2.4 million of long-term employee benefits during the
next year (2021: Baht 2.2 million).

As at 31 December 2022, the weighted average duration of the liabilities for long-term
employee benefit is 11 years (2021: 16 years).

Significant actuarial assumptions are summarised below:

(Unit: percent per annum)
Consolidated/Separate
financial statements
2022 2021

Discount rate 2.8 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

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