PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
129
44. PENSION AND SEVERANCE continued
Pension Plan continued The projected benefit obligations and fair value of plan assets as of June 30, 2004 were as follows:
DPBM I
DPBM II
DPBM III DPBM
IV
Projected Benefit Obligations
955,061 907,369
545,475 298,243
Fair Value of Plan Assets
1,206,651 1,234,911
682,972 395,470
Surplus
251,590 327,542
137,497 92,227
The projected benefit obligations and fair value of plan assets as of June 30, 2003 were as follows:
DPBM I DPBM II
DPBM III DPBM IV
Projected Benefit Obligations
1,088,648 1,068,578
583,043 330,709
Fair Value of Plan Assets
1,162,627 1,177,096
669,185 382,872
Surplus 73,979
108,518 86,142
52,163
Based on actuarial report of each DPBM, the projected benefit obligations and fair value of plan assets as of April 30, 2003 were as follows:
DPBM I DPBM II
DPBM III DPBM IV
Projected Benefit Obligations
1,089,825 1,065,625
579,064 329,853
Fair Value of Plan Assets
1,157,794 1,164,513
617,404 379,790
Surplus 67,969
98,888 38,340
49,937
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 fifty-
six years. The program, which commenced in March 2002, is managed by PT Asuransi Jiwa Manulife Indonesia formerly PT Principal Indonesia Financial Institution Pension Fund “Dana Pensiun
Lembaga Keuangan Principal Indonesia”, 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 Rp939, Rp389 and Rp680, for the six- month period ended June 30, 2004, two-month period ended June 30, 2003, and the four-month
period ended April 30, 2003, respectively.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
130
44. PENSION AND SEVERANCE continued
Labor Law No. 132003 dated March 25, 2003. As of June 30, 2004, the Bank has evaluated the effect of Labor Law No. 132003 UU No.132003 on
its consolidated financial statements and has amended its policy related to employee benefits and service entitlements under Kep-150Men2000 dated June 20, 2000, which was implemented for April
30, 2003 and June 30, 2003 accounts, to reflect the requirement of UU No. 132003 Note 43. The Bank engaged an actuarial company, PT Dayamandiri Dharmakonsilindo, to calculate its liability for
the provision of employee service entitlements based on UU No. 132003. The assumptions used by the actuary were as follows:
a. Actuarial date is December 31, 2003. b. Frequency of actuarial valuation is annually.
c. Discount rate is 11 per annum. d. Expected rate of annual salary increase is 10.
e. Mortality rate table is US 1980 Commissioners’ Standard Ordinary Table of Mortality. f. Early retirement rate is 5 from age 25 decreasing linearly at 0.25 per year up to 0 at age 45.
g. Actuarial method is projected unit credit method. h. Normal pension age is 56 years.
i. Disability rate is 10 of mortality rate.
Bank Mandiri has benefit obligations and recognized a provision for employee service entitlements amounting to Rp393,020 as of June 30, 2004.
45. OTHER OPERATING INCOME - OTHERS
