NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) D3 Post-employment benefits (continued) Defined benefit obligation (continued) (a) Actuarial assumptions (continued) Assumptions regarding future mortality have been based on published statistics and mortality tables. The current longevities underlying the values of the defined benefit obligation at the reporting date are as follows: Group 2024 2023 Germany U.S. Germany U.S. Longevity at age 65 for current pensioners: Males 20.9 20.3 20.8 20.2 Females 24.3 22.3 24.2 22.2 Longevity at age 65 for current members aged 45: Males 23.6 21.8 23.5 21.7 Females 26.5 23.7 26.4 23.7 At 31 December 2024, the weighted average duration of the defined benefit obligation was 19.6 years (2023: 20.1 years) for the subsidiaries in Germany and 10.2 years (2023: 10.8 years) for the subsidiary in United States of America. (b) Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. 2024 2023 Group Increase Decrease Increase Decrease $’000 $’000 $’000 $’000 Discount rate (0.5% movement) (28,161) 33,291 (30,406) 36,233 Future salary growth (0.25% movement) 67 (57) 126 (115) Future pension growth (0.25% movement) 1,238 (1,192) 1,422 (1,353) Future mortality (10% movement) (9,088) 10,307 (9,638) 10,952 Recognition and measurement A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted. The Group determines the net interest expense/(income) on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset). 217 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
RkJQdWJsaXNoZXIy ODIwNTc=