PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued SEPTEMBER 30, 2007 AND 2008,
AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008 Figures in tables are presented in millions of Rupiah, unless otherwise stated
81
41. PENSION AND OTHER POST-RETIREMENT BENEFITS continued a. Pension
continued 1. The Company continued
2007 2008
Change in plan assets
Fair value of plan assets at beginning of year 7,210,748
9,034,392 Expected return on plan assets
583,708 698,126
Employer’s contributions 525,122
666,201 Plan participants contributions
32,634 33,378
Actuarial losses gains 9,373
1,444,003 Expected benefits paid
250,932 308,856
Fair value of plan assets at end of period 8,110,653
8,679,238 Funded status
1,622,961 3,355,601
Unrecognized prior service costs 1,645,318
1,490,096 Unrecognized net actuarial losses gain
795,703 1,022,843
Accrued pension benefit cost 773,346
842,662
In 2007, the Company provides pension benefit based on uniformulation for both participants prior to and from April 20, 1992 effective for employees retiring beginning February 1, 2009.
The change in benefit had increased the Company’s liabilities by Rp.698,583 million, which is amortized over 9.9 years until 2016.
The actual return on plan assets was Rp.796,090 million and Rp.681,493 million for the nine months period ended September 30, 2007 and 2008, respectively.
The movement of the accrued pension benefits costs during the nine months period ended September 30, 2007 and 2008, is as follows:
2007 2008
Accrued pension benefits costs at beginning of year 1,003,000
1,054,097 Net periodic pension cost
295,468 483,213
Employer’s contributions 525,122
666,201 Benefits to be paid by the Company
- 28,447
Accrued pension benefits costs at end of period 773,346
842,662
As of September 30, 2008, plan assets included Series B shares issued by the Company with fair value totaling Rp.257,892 million represents 3.10 of total assets of Dapen as of
September 30, 2008 September 30, 2007: included Series B shares issued by the Company with fair value totaling Rp.267,013 million.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued SEPTEMBER 30, 2007 AND 2008,
AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008 Figures in tables are presented in millions of Rupiah, unless otherwise stated
82
41. PENSION AND OTHER POST-RETIREMENT BENEFITS continued a. Pension
continued 1. The Company continued
The actuarial valuation for the defined benefit pension plan and the other prost-retirement benefits Note 41b was performed based on the measurement date as of
December 31, 2006 and 2007, with reports dated April 24, 2007 and March 31, 2008, respectively, by PT Watson Wyatt Purbajaga “WWP”, an independent actuary
in association with Watson Wyatt Worldwide “WWW”. The principal actuarial assumptions used by the independent actuary as of December 31, 2006 and 2007, are as follows:
2006 2007
Discount rate 10.5
10.25 Expected long-term return on plan assets
10.5 10
Rate of compensation increases 8
8 The components of net periodic pension costs are as follows:
2007 2008
Service costs 152,706
211,601 Interest costs
646,630 807,727
Expected return on plan assets 583,708
698,126 Amortization of prior service costs
104,267 165,991
Recognized actuarial losses 24,427
3,980
Total net periodic pension costs Note 35 295,468
483,213
2. Telkomsel Telkomsel provides a defined benefit pension plan to its employees. Under this plan,
employees are entitled to pension benefits based on their latest basic salary or take-home pay and the number of years of their service. PT Asuransi Jiwasraya “Jiwasraya”,
a state-owned life insurance company, manages the plan under an annuity insurance contract. Until 2004, the employees contributed 5 of their monthly salaries to the plan and
Telkomsel contributed any remaining amount required to fund the plan. Starting 2005, the entire contributions are fully made by Telkomsel.
Telkomsels contributions to Jiwasraya amounted to Rp.38,268 million and Rp.40,634 million for the nine months period ended September 30, 2007 and 2008, respectively.
The following table reconciles the unfunded status of the plans with the amounts included in the consolidated balance sheets as of September 30, 2007 and 2008:
