PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2006 With Comparative Figures For 2005
Expressed in millions of Rupiah, unless otherwise stated
104
41. SALARIES AND EMPLOYEE BENEFITS continued 2005
Number of
Members Officers
Salaries Allowances
Bonuses Total
Board of Commissioners 7
4,983 3,258
5,587 13,828
Board of Directors 8
15,378 16,140
19,745 51,263
Audit Committee
2 634
123 369
1,126 Senior Executive Vice Presidents,
Group Heads and Advisors of
Directors 47
25,568 9,131
6,170 40,869
64 46,563
28,652 31,871 107,086
42. PENSION AND SEVERANCE
Under the Bank’s policy, in addition to salaries, employees are entitled to allowances and benefits, such as: holiday allowance THR, pre-retirement MBT allowance, medical reimbursements, death allowance, leave
allowance, functional allowance for certain levels, pension plan for permanent employees, incentives based on employee’s and the Bank’s performance, and post-employment benefits based on the prevailing Labor
Law.
Pension Plan Bank Mandiri has five pension plans in the form of Employer Pension Plans as follows:
a. One defined contribution pension plan, Dana Pensiun Pemberi Kerja Program Pensiun Iuran Pasti DPPK-PPIP or the Bank Mandiri Pension Plan Dana Pensiun Bank Mandiri DPBM established on
August 1, 1999. The DPBM’s regulations were legalized based on the decision letter of the Minister of Finance of the Republic of Indonesia No. KEP300KM.0171999 dated July 14, 1999 and was included
in the Addendum to the State Gazette of the Republic of Indonesia No. 62 dated August 3, 1999 and Bank Mandiri’s Directors’ Resolution No. 004KEP.DIR1999 dated April 26, 1999 and were amended
based on the Minister of Finance of the Republic of Indonesia’s letter No. KEP-213KM.52005 dated July 22, 2005 and was included in the Addendum to the State Gazette of the Republic of Indonesia No.
77 dated September 27, 2005 and Bank Mandiri’s Directors’ Resolution No. 068KEP.DIR2005 dated June 28, 2005.
Bank Mandiri and the employees contribute 10 and 5 of the Base Pension Plan Employee Income, respectively.
The President Director and the members of the Supervisory Board of the DPBM are active employees of Bank Mandiri; therefore, in substance, Bank Mandiri has control over the DPBM. As a consequence,
transactions between the DPBM and Bank Mandiri are considered related party transactions. The DPBM invests a part of its financial resources in Bank Mandiri time deposits, which balances as of
December 31, 2006 and 2005 were Rp30,000 and Rp24,000, respectively. The interest rates on these time deposits are at arms-length.
The Bank paid pension contributions totaling Rp107,566 and Rp96,272, respectively, for the years ended December 31, 2006 and 2005, respectively.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2006 With Comparative Figures For 2005
Expressed in millions of Rupiah, unless otherwise stated
105
42. PENSION AND SEVERANCE continued
