PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
174
50. EMPLOYEE BENEFITS continued Pension Plan
continued
July 17, 2014 DPBMD; No. KEP-1775NB.12014 dated July 17, 2014 DPBMT and No. KEP- 1776NB.12014 dated July 17, 2014 DPBME.
Based on the approval of the Board of Commissioner of Bank Mandiri dated June 3, 2015, Bank Mandiri provides other benefits to earch pension fund. Fund the devision to provide other benefits
embodied in the regulations of each pension fund and it has been approved by OJK Board of Commissioners through decree No. KEP-525NB.12015 dated June 29, 2015 DPBMS,
No. KEP-526NB12015 dated June 29, 2015 DPBMD, No. KEP-527NB.12015 DPBMT and No. KEP-528NB.12015 dated June 29, 2015 DPBME.
The provision for pension benefit obligation are calculated by the independent actuary as shown in the independent actuarial report of PT Dayamandiri Dharmakonsilindo dated January 5, 2016 for
the year ended December 31, 2015. The assumptions used for the years ended December 31, 2015 and 2014 are as follows:
DPBMS DPBMD
DPBMT DPBME
Discount rate 9.50 per annum
2014: 8.50
9.50
per annum 2014: 8.50
9.50
per annum 2014: 8.50
9.50
per annum 2014: 8.50
Expected rate of return on pension
plan assets 9.50 per annum
2014: 9.50 9.50 per annum
2014: 9.00
9.50
per annum 2014: 8.50
9.50 per annum 2014: 9.00
Working period used As of July 31, 1999
As of July 31, 1999 As of July 31, 1999
As of July 31, 1999 Pensionable salary
PhDP used Last month salary of
July 31, 1999, which adjusted on January 1,
2003 Last month salary of July 31,
1999, which adjusted on January 1, 2003
Last month salary of July 31, 1999, which adjusted on
January 1, 2003 Last month salary of
July 31, 1999, which adjusted on January 1, 2003
Expected rates of PhDP increase
Nil Nil
Nil Nil
Mortality Rate Table 2015 and 2014:
Indonesian Mortality Table 2011 TM III for employee
and former employee and Group Annuity Mortality
1983 GAM ’83 for pensioners
2015 and 2014: Indonesian Mortality Table
2011 TMI III for employee and former employee and
Group Annuity Mortality 1983 GAM ’83 for
pensioners 2015 and 2014:
Indonesian Mortality Table 2011 TMI III for employee
and former employee and Group Annuity Mortality
1983 GAM ’83 for pensioners
2015 and 2014: Indonesian Mortality Table
2011 TMI III for employee and former employee and
Group Annuity Mortality 1983 GAM ’83 for
pensioners Turnover rate
2015 and 2014: 5.00 for employees’ age of
25 and decreasing linearly 0.167 every year up to
0.00 at age 55 2015 and 2014:
5.00 for employees’ age of 25 and decreasing linearly
0.167 every year up to 0.00 at age 55
2015 and 2014: 5.00 for employees’ age of
25 and decreasing linearly 0.167 every year up to
0.00 at age 55 2015 and 2014:
5.00 for employees’ age of 25 and decreasing
linearly 0.167 every year up to 0.00 at age 55
Disability rate 2015 and 2014:
10.00 of TMI III 2015 and 2014:
10.00 of TMI III 2015 and 2014:
10.00 of TMI III 2015 and 2014:
10.00 of TMI III 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 75.00 of PhDP
62.50 of PhDP 75.00 of PhDP
Expected rate of pension benefit
increase Nil
Nil Nil
2.00 per year Tax rates - average
2015 and 2014: 3.00 of pension benefit
2015 and 2014: 3.00 of pension benefit
2015 and 2014: 3.00 of pension benefit
2015 and 2014: 3.00 of pension benefit
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
175
50. EMPLOYEE BENEFITS continued
Pension Plan
continued
The projected benefit obligations and fair value of plan assets as of December 31, 2015, based on independent actuarial report, are as follows:
DPBMS DPBMD
DPBMT DPBME
Projected benefit obligations
1,482,397 1,600,083
606,730 445,196
Fair value of plan assets 1,516,555
1,820,417 817,262
578,209 Funded Status
34,158 220,334
210,532 133,013
Asset ceiling 34,158
220,334 210,532
133,013
Pension Plan Program Assets recognised in
consolidated statement of financial position
- -
- -
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 consolidated statements of financial position because the requirements under SFAS No. 24 regarding “Employee Benefits” are not fulfilled.
The projected benefit obligations and fair value of plan assets as of December 31, 2014, based on independent actuarial report, are as follows:
DPBMS DPBMD
DPBMT DPBME
Projected benefit obligations
1,474,919 1,647,936
634,988 504,829
Fair value of plan assets 1,566,369
1,894,023 806,043
559,406 Funded Status
91,450 246,087
171,055 54,577
Unrecognised past service cost -
- -
- Unrecognised actuarial losses
35,627 183,351
125,401 9,710
Surplus based on SFAS No. 24
- -
- -
Asset ceiling 55,823
62,736 45,654
44,867
Pension Plan Program Assets recognised in
consolidated statements of financial position
- -
- -
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 consolidated statements of financial position because the requirements under SFAS No. 24 regarding “Employee Benefits” are not fulfilled.
The composition of plan assets from Pension Fund for the years ended December 31, 2015 and 2014 are as follows:
December 31, 2015 DPBMS
DPBMD DPBMT
DPBME
Deposit 21
23 10
10 Bonds
38 50
35 37
Direct investment 7
15 28
15 Land and building
19 4
20 10
Shares 7
2 -
2 Government Bonds
3 4
6 11
Others 5
2 1
15
Total 100
100 100
100
