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
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
176
50. EMPLOYEE BENEFITS continued
Pension Plan
continued
The composition of plan assets from Pension Fund for the years ended December 31, 2015 and 2014 are as follows:continued
December 31, 2014 DPBMS
DPBMD DPBMT
DPBME
Deposit 38
31 11
26 Bonds
28 42
36 34
Direct investment 5
14 21
13 Land and building
15 4
26 7
Shares 8
4 -
1 Government Bonds
- 4
4 5
Others 6
1 2
14
Total 100
100 100
100
Labor Law No. 132003
Bank Mandiri has implemented an accounting policy for employment benefits SFAS 24 to recognise provision for employee service entitlements. As of December 31, 2015 and 2014 the Group recognised
a provision for employee services entitlements in accordance with Labor Law No. 132003 amounting to Rp2,411,613 including compensation benefits for employees who have resigned which
compensation have not yet been paid and excluded from actuarial calculation amounted to Rp8,240 and Rp2,234,193 including compensation benefits for employees who have resigned which
compensation have not yet been paid and excluded from actuarial calculationamounted to Rp8,240 based on the estimated post employment benefit in the independent actuarial reports Note 34.
Provision for employee service entitlements as of December 31, 2015 and 2014 are estimated using the employees service entitlements calculation for the years ended December 31, 2015 and 2014 as
shown in the independent actuarial report of PT Dayamandiri Dharmakonsilindo dated January 5, 2016 for the year ended December 31, 2015 and the independent actuarial reports of PT Milliman Indonesia
dated January 17, 2015 for the year ended December 31, 2014. The assumptions used by the actuary for the years ended December 31, 2015 and 2014 are as follows:
a. Discount rate is 9.10 per annum 2014: 8.50 per annum. b. Expected rate of annual salary increase is 9.50 per annum 2014: 9.50 per annum.
c. Mortality rate table used is Indonesia Mortality Table 2011 or TMI III. d. Turnover rate is 5 for employees’ age of 25 and decreasing linearly up to 0 at age 55.
e. Actuarial method is projected unit credit method. f. Normal retirement age between 36 to 56 years according to the grades.
g. Disability rate is 10 of TMI III.
The amounts recognised in the statement of financial position are determined based on independent actuarial report as follows Bank Mandiri only:
December 31, December 31, 2015
2014
Present value of obligations 1,976,724
1,924,202 Unrecognised past service cost
- 10,530
Unrecognised actuarial losses -
6,800
Provision for post employment benefits presented in statement of financial position
1,976,724 1,906,872
