164 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 48 PROVISION FOR DEFINED BENEFIT PLAN (CONTINUED) The amounts recognised in profit or loss are as follows: Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Current service cost 2,484 4,908 46 49 Finance cost 2,172 2,487 28 34 Past service cost adjustment (255) - - - Remeasurement 1,035 (50) - - Charge recognised in profit or loss 5,436 7,345 74 83 The defined benefit obligations for the Group by country are as follows: Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Present value of obligation: - Malaysia 44,815 47,692 568 632 - Indonesia 2,426 2,408 - - - Thailand 740 1,036 - - 47,981 51,136 568 632 The principal actuarial assumptions used in respect of the Group’s and the Company’s unfunded defined retirement benefits are as follows: Group Company 2022 % 2021 % 2022 % 2021 % Discount rate 5.40 4.70 5.40 4.70 Expected rate of salary increase 5.00 5.00 5.00 5.00 The sensitivity of the defined benefit obligation of the Group to changes in the weighted principal assumption is: Change in assumption Impact on defined benefit obligation RM’000 i) Discount rate Increase 1% Decrease by RM1,887 Decrease 1% Increase by RM2,196 ii) Salary growth rate Increase 1% Increase by RM774 Decrease 1% Decrease by RM1,007
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