SALARIES AND EMPLOYEE BENEFITS
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011 AND 2010
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5135 45. EMPLOYEE BENEFITS continued
Pension Plan continued
Based on the approval of the General Meeting of Shareholders AGM on 23 May 2011, Bank Mandiri raise the retirement benefits of each pension fund. Decision to increase pension benefits set
forth in the Regulation of Pension Fund respectively and has been approved by the Minister of Finance Decree No. KEP-588KM.102011 dated 20 July 2011 DPBMS; No. KEP-589KM.102011
dated 20 July 2011 DPBMD; No. KEP-590KM.102011 dated 20 July 2011 DPBMT and No. KEP-591KM.102011 dated 20 July 2011 DPBME.
As at 31 December 2011 and 2010 , the provision for pension benefit obligation are calculated by the independent actuary as shown in the independent actuarial report of PT Dayamandiri
Dharmakonsilindo dated 18 January 2012 for the year ended on 31 December 2011 and the independent actuarial report of PT Eldridge Gunaprima Solution dated 28 January 2011 for the year
ended 31 December 2010. The assumptions used for the years ended 31 December 2011 and 2010 are as follows:
DPBM I DPBM II
DPBM III DPBM IV
Discount rate 7.25 per annum 2010:
9.50 7.25 per annum 2010:
9.50 7.25 per annum 2010:
9.50 7.25 per annum 2010:
9.50 Expected rate of
return on pension plan assets
8.00 per annum 2010: 9.00
9.25 per annum 2010: 9.00
7.50 per annum 2010: 8.00
8.00 per annum 2010: 8.00
Working period used As at 31 July 1999
As at 31 July 1999 As at 31 July 1999
As at 31 July 1999 Pensionable salary
PhDP used As at 31 July 1999,
adjusted PhDP of legacy banks’
As at 1 January 2003, adjusted PhDP of legacy
banks’ As at 1 January 2003,
adjusted PhDP of legacy banks’
As at 1 January 2003, adjusted PhDP of legacy
banks’ Expected rates of
PhDP increase Nil
Nil Nil
Nil Mortality Rate Table
2011 and 2010: Indonesian Mortality Table
1999 TMI II for employee and former employee and
Group Annuity Mortality 1983 GAM ’83 for
pensioners 2011 and 2010:
Indonesian Mortality Table 1999 TMI II for employee
and former employee and Group Annuity Mortality
1983 GAM ’83 for pensioners
2011 and 2010: Indonesian Mortality Table
1999 TMI II for employee and former employee and
Group Annuity Mortality 1983 GAM ’83 for
pensioners 2011 and 2010:
Indonesian Mortality Table 1999 TMI II for employee
and former employee and Group Annuity Mortality
1983 GAM ’83 for pensioners
Turnover rate 2011 and 2010:
5.00 for employees’ age of 25 and decreasing linearly
by 0.167 each year up to 0.00 age 55
2011 and 2010: 5.00 for employees’ age of
25 and decreasing linearly by 0.167 each year up to
0.00 age 55 2011 and 2010:
5.00 for employees’ age of 25 and decreasing linearly
by 0.167 each year up to 0.00 age 55
2011 and 2010: 5.00 for employees’ age of
25 and decreasing linearly by 0.167 each year up to
0.00 age 55 Disability rate
2011 and 2010: 10.00 of TMI II
2011 and 2010: 10.00 of TMI II
2011 and 2010: 10.00 of TMI II
2011 and 2010: 10.00 of TMI II
Actuarial method Projected Unit Credit
Projected Unit Credit Projected Unit Credit
Projected Unit Credit Normal retirement age
48 years to 56 years depending on the
grades 56 years for all
grades 56 years for all
grades 56 years for all
grades Maximum defined
benefit amount 80.00 of PhDP
80.00 of PhDP 62.50 PhDP
75.00 PhDP Expected rate of
pension benefit increase
Nil Nil
Nil 4.00 per 2 years
Tax rates - average 2011 and 2010:
3.00 of pension benefit 2011 and 2010:
3.00 of pension benefit 2011 and 2010:
3.00 of pension benefit 2011 and 2010:
3.00 of pension benefit
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011 AND 2010
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5136 45. EMPLOYEE BENEFITS continued
Pension Plan continued
The projected benefit obligations and fair value of plan assets as at 31 December 2011, based on independent actuary report, are as follows:
DPBM I DPBM II
DPBM III DPBM IV
Projected benefit Obligations
1,212,086 1,484,395
614,362 395,053
Fair value of plan Assets
1,517,006 1,748,625
742,595 544,190
Funded status 304,920
264,230 128,233
149,137 Unrecognised past service
cost -
- -
- Unrecognised actuarial
gains 221,559
144,142 111,007
52,637 Surplus based on SFAS
No. 24 Revised 2004 83,361
120,088 17,226
96,500 Asset ceilling
- -
- -
Pension Plan Program Assets recognised in
balance sheet
- -
- -
There are no unrecognised accumulated actuarial loss-net nor unrecognised past service cost and there are no present value of available future refunds or reductions of future contributions.
There are no plan assets recognised in the Balance Sheets because the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled.
The projected benefit obligations and fair value of plan assets as at 31 December 2010, based on independent actuary report, are as follow:
DPBM I DPBM II
DPBM III DPBM IV
Projected benefit Obligations
1,046,218 1,279,128
540,301 340,394
Fair value of plan Assets
1,534,816 1,664,164
700,682 534,501
Funded status 488,598
385,036 160,381
194,107 Unrecognised past service
cost -
- -
- Unrecognised actuarial
gains 350,059
190,703 88,451
94,632 Surplus based on SFAS
No. 24 Revised 2004 138,539
194,333 71,930
99,475 Asset ceilling
- -
- -
Pension Plan Program Assets recognised in
balance sheet
- -
- -
There are no unrecognised accumulated actuarial loss-net nor unrecognised past service cost and there are no present value of available future refunds or reductions of future contributions.
There are no plan assets recognised in the Balance Sheets because the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled.