ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) D3 Post-employment benefits (continued) Movement in net defined benefit liability/(asset) The following table shows a reconciliation from the opening balances to the closing balances for net defined benefit liability/(asset) and its components. Defined benefit obligation Fair value of plan assets Net defined benefit liability/(asset) Group 2020 2019 2020 2019 2020 2019 $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 January 714,844 113,361 (336,857) (7,320) 377,987 106,041 Included in profit or loss Current service cost 21,321 12,809 – – 21,321 12,809 Past service credit 5,241 – – – 5,241 – Interest cost/(income) 19,906 15,130 (10,639) (7,646) 9,267 7,484 Administrative expenses 634 243 1,328 1,264 1,962 1,507 47,102 28,182 (9,311) (6,382) 37,791 21,800 Included in OCI Remeasurement loss/(gain): • Actuarial loss/(gain) arising from: – demographic assumptions (2,022) 16,504 – – (2,022) 16,504 – financial assumptions 75,028 74,847 478 (43) 75,506 74,804 – experience assumptions 1,565 720 72 (143) 1,637 577 • Return on plan assets excluding interest income – – (10,210) (27,110) (10,210) (27,110) 74,571 92,071 (9,660) (27,296) 64,911 64,775 Others Contributions paid by the employer (570) 1,331 (26,954) (26,420) (27,524) (25,089) Contributions paid by the employee – 51 – (51) – – Benefits paid (21,322) (15,875) 20,651 13,714 (671) (2,161) Acquisition of subsidiaries – 505,988 – (286,688) – 219,300 Translation difference 7,803 (10,265) 108 3,586 7,911 (6,679) Balance at 31 December 822,428 714,844 (362,023) (336,857) 460,405 377,987 23 1 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT