2018 UEM Edgenta Annual Report

26. RETIREMENT BENEFIT OBLIGATIONS The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its eligible employees. The Scheme is closed to new employees. Under the Scheme, eligible employees are entitled to retirement benefits on attainment of the retirement age of 60 (2017: 60), on medical incapacity or on death. The present value of defined benefit obligation was based on the actuarial valuation report by independent actuarist dated 20 January 2019. The details of the net employee benefits liability are as follows: Group 2018 2017 RM’000 RM’000 Present value of the defined benefit obligations (“PVDBO”) At 1 January 4,130 4,118 Defined retirement benefit obligations (Note 8) 273 273 Actuarial gain 253 (58) Contributions paid (200) (203) At 31 December 4,456 4,130 Analysis of funded and unfunded PVDBO PVDBO from plans that are wholly unfunded 4,456 4,130 Analysed as: Current 940 430 Non-current: Later than 1 year but not later than 2 years 564 643 Later than 2 years 2,952 3,057 3,516 3,700 4,456 4,130 The details of net employee benefits expense recognised in income statement are as follows: Group 2018 2017 RM’000 RM’000 Current service costs 67 64 Interest cost 206 209 Net employee benefits expense (Note 8) 273 273 Financial Review Stakeholder Information AGM Information 215 Governance Review of Sustainability Activities