PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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110
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42. PENSION PLAN AND EMPLOYEE SERVICE ENTITLEMENTS Continued
As of December 31, 2002, the calculation of net asset value and pension liabilities is based on the actuarial report of PT Jasa Aktuaria Pensiun dan Asuransi. In its calculation, the actuary used the
following assumptions:
DPBM I DPBM II
DPBM III DPBM IV
Actuarial date December 31, 2002
December 31, 2002 December 31, 2002
December 31, 2002 Frequency of actuarial
valuation Annually
Annually Annually
Annually Interest rate
9 per annum 9 per annum
9 per annum 9 per annum
Expected rate of return on plan assets
9 9
9 9
Expected rates of salary increase
Nil Nil
Nil Nil
Salary and working period used
As of July 31, 1999 As of July 31, 1999
As of July 31, 1999 As of July 31, 1999
Mortality rate table CSO-1958 Modified
CSO-1958 Modified CSO-1958 Modified
CSO-1958 Modified Ill-health retirement rate
0.3 of mortality rate 0.3 of mortality rate
0.3 of mortality rate 0.3 of mortality rate
Actuarial method Accrued benefit
method Accrued benefit
method Accrued benefit
method Accrued benefit
method Normal pension age
565248 years depending on the
strata 56 years for all strata
56 years for all strata 56 years for all strata
Maximum Defined Benefit amount
80 of latest gross pension salary
PhDP 80 of latest gross
pension salary PhDP
60 of latest gross pension salary
PhDP 60 of gross
pension salary PhDP
Based on the audited financial statements of the respective pension plans DPBM, the pension liabilities and net assets value as of December 31, 2002 are as follows:
DPBM I DPBM II
DPBM III DPBM IV
Pension liabilities 832,226
848,414 517,684
152,742 Net assets value
1,135,773 1,131,489
597,472 366,840
Surplus 303,547
283,075 79,788
214,098
PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
-
111
-
42. PENSION PLAN AND EMPLOYEE SERVICE ENTITLEMENTS Continued
As of December 31, 2001, the calculation of net asset value and pension liabilities is based on the actuarial report of PT Jasa Aktuaria Pensiun dan Asuransi. Based on the audited financial
statements of the respective pension plans DPBM as of December 31, 2001, the pension liabilities and net assets value as of December 31, 2001 are as follows:
DPBM I
DPBM II
DPBM III DPBM
IV
Pension liabilities 863,722
853,009 487,678
154,408 Net assets value
1,054,947 1,036,978
550,466 318,241
Surplus 191,225
183,969 62,788
163,833
One defined contribution pension program Program Pensiun Iuran Pasti is for permanent employees of PT Bank Syariah Mandiri “BSM”, a subsidiary. The members are employees under
the age of 56 years. The program, which commenced in August 2000, is managed by Principal Indonesia Financial Institution Pension Fund “Dana Pensiun Lembaga Keuangan Principal
Indonesia”, abbreviated as DPLK-PI. The employees’ pension contribution is 5, whilst the employer contributes 10 of the monthly employees’ Gross Pension Salary PhDP. The total cash
contributions received by DPLK-PI amounted to Rp870 and Rp1,368 as of December 31, 2002 and 2001, respectively.
Decree of the Minister of Manpower No. Kep-150Men2000 As of December 31, 2002, the Bank has engaged an actuarial company, PT Dayamandiri
Dharmakonsilindo, to calculate its liability for the provision of employee service entitlements. The assumptions used by the actuary were as follows:
a. The calculation is based on the Decree of the Minister of Manpower No. Kep-150Men2000 dated June 20, 2000 regarding The Settlement of Labor Dismissal and the Stipulation of
Severance Pay, Gratuity and Compensation in Companies. b. Actuarial date is December 31, 2002.
c. Actuarial method is projected unit credit method. d. Employee age is calculated as of December 31, 2002.
e. Employee working period is calculated from the employment date up to the actuarial date. f. Normal pension age is 56 years.
g. Interest rate is 11 per annum.
Based on the actuarial report, Bank Mandiri recognized a provision amounting to Rp674,062 as of December 31, 2002.
The calculation of the provisions for employee service entitlements as of December 31, 2001 is based on the actuarial report of PT Jasa Aktuaria Pensiun dan Asuransi. In its calculation, the
actuary used generally similar assumptions of the previous actuary, except that the interest rate for 2001 was assumed at 12 per annum. Based on the actuarial report, Bank Mandiri recognized a
provision amounting to Rp793,631 as of December 31, 2001.
