SALARIES AND EMPLOYEE BENEFITS
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2010, 2009 AND 2008
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5129 44. EMPLOYEE BENEFITS continued
Pension Plan continued
As at 31 December 2010, 2009 and 2008, the provision for pension benefit obligation are determined based on the obligation and pension benef it cost calculation for the years ended
31 December 2010, 2009 and 2008 outlined in the independent actuarial report of PT Eldridge Gunaprima Solution dated 28 January 2011, 25 January 2010, 30 January 2009, respectively, using
the following assumptions:
DPBM I DPBM II
DPBM III DPBM IV
Discount rate 9.50 per annum
December 2009: 11.00; December 2008:
12.00 9.50 per annum
December 2009: 11.00; December 2008:
12.00 9.50 per annum
December 2009: 11.00; December 2008:
12.00 9.50 per annum
December 2009: 11.00; December 2008:
12.00 Expected rate of return
on pension plan assets
9.00 per annum December 2009 and
2008: 10.00 9.00 per annum
December 2009 and 2008: 10.00
8.00 per annum December 2009 and
2008: 10.00 8.00 per annum
December 2009 and 2008: 10.00
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 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’
As at 1 January 2003, adjusted PhDP of
legacy banks’ Expected rates of PhDP
increase Nil
Nil Nil
Nil Mortality Rate Table
December 2010, 2009 and 2008: Indonesia
Mortality Table 1999 TMI II for active members and
Group Annuity Mortality 1983 GAM ’83 for
pensioners December 2010, 2009
and 2008: Indonesia Mortality Table 1999
TMI II for active members and Group
Annuity Mortality 1983 GAM ’83 for
pensioners December 2010, 2009
and 2008: Indonesia Mortality Table 1999
TMI II for active members and Group
Annuity Mortality 1983 GAM ’83 for
pensioners December 2010, 2009
and 2008: Indonesia Mortality Table 1999
TMI II for active members and Group
Annuity Mortality 1983 GAM ’83 for
pensioners Turnover rate
2010, 2009 and 2008: 5.00 up to
employees’ age of 25 and reducing linearly by
0.167 for each year up to 0.00 up to at age 55
and thereafter 2010, 2009 and
2008: 5.00 up to employees’ age of 25 and
reducing linearly by 0.167 for each year up
to 0.00 up to at age 55 and thereafter
2010, 2009 and 2008: 5.00 up to
employees’ age of 25 and reducing linearly by
0.167 for each year up to 0.00 up to at age 55
and thereafter 2010, 2009 and
2008: 5.00 up to employees’ age of 25 and
reducing linearly by 0.167 for each year up
to 0.00 up to at age 55 and thereafter
Disability rate 10.00 of TMI II
December 2009 and 2008: 10.00 of TMI II
10.00 of TMI II December 2009 and
2008: 10.00 of TMI II 10.00 of TMI II
December 2009 and 2008: 10.00 of TMI II
10.00 of TMI II December 2009 and
2008: 10.00 of TMI II Actuarial method
Projected Unit Credit Projected Unit Credit
Projected Unit Credit Projected Unit Credit
Normal retirement age 56 years for all
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 every 2 years
Tax rates - average 3.00 of pension benefit
December 2009: 3.00 of pension benefit;
December 2008: 5.00 of pension benefit
3.00 of pension benefit December 2009: 3.00
of pension benefit; December 2008: 5.00
of pension benefit 3.00 of pension benefit
December 2009: 3.00 of pension benefit;
December 2008: 5.00 of pension benefit
3.00 of pension benefit December 2009: 3.00
of pension benefit; December 2008: 5.00
of pension benefit
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2010, 2009 AND 2008
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5130 44. EMPLOYEE BENEFITS continued
Pension Plan continued
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 since 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 2009, based on independent actuary report, are as follow:
DPBM I DPBM II
DPBM III DPBM IV
Projected benefit Obligations
890,700 932,393
448,578 264,022
Fair value of plan Assets
1,480,532 1,608,831
701,528 513,671
Funded status 589,832
676,438 252,950
249,649 Unrecognised past service
cost -
- -
- Unrecognised actuarial
gains 475,036
488,194 186,897
125,713 Surplus based on SFAS
No.24 Revised 2004 114,796
188,244 66,053
123,936 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 since the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled.