NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) D2 Personnel expenses Group 2024 2023 $’000 $’000 Wages and salaries 2,566,567 2,388,422 Contributions to defined contribution plans 246,889 220,696 Defined benefit plan expenses 15,578 18,917 Share-based payments 39,375 33,845 Other personnel expenses 356,322 336,630 3,224,731 2,998,510 Recognition and measurement (i) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. (ii) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Central Provident Fund and will have no legal or constructive obligation to pay further amounts. The Group’s contributions to the defined contribution plans are recognised in the income statement as expenses in the financial year to which they relate. D3 Post-employment benefits Group 2024 2023 $’000 $’000 Net defined benefit liabilities 194,005 208,926 Liability for staff benefits – 10,989 Total post-employment benefit liabilities 194,005 219,915 Non-current 190,893 209,840 Current 3,112 10,075 194,005 219,915 214 ST ENGINEERING | ANNUAL REPORT 2024
RkJQdWJsaXNoZXIy ODIwNTc=