Page 203 - Thailand Post Annual Report 2024

Part 1
Overview of the Organization
Part 2
Business Trends
Part 3
Business Model
Part 4
Strategies and Resource Allocation
Part 5
Risk
Part 6
Corporate Governance
Part 7
Operating Results
Part 8
Other Information
The impact of changes in key assumptions on the increased (decreased) present value of employee benefit obligations as at December 31, are summarized below :
(Unit : million baht)
Consolidated Financial Statements
Separate Financial Statements
2024
2023
2024
2023
242.83 (223.78)
(385.17) 441.05
26.80 (26.30)
242.51 (223.48)
(384.62) 440.41
26.06 (25.72)
274.73
274.65
(252.80)
(252.73)
(432.89)
(432.75)
496.70
496.54
30.29
29.55
(29.74)
(29.16)
Discount rate
Discount rate, decrease of 1 percent Discount rate, increase of 1 percent
Future salary increase rate
Salary growth rate, decrease of 1 percent Salary growth rate, increase of 1 percent
Employee turnover rate
Employee turnover rate, decrease of 20 percent Employee turnover rate, increase of 20 percent
19.2 Pension fund for THP officers
Movements of encumbrance of the employees’ benefits for the pension fund for THP officers for the years ended December 31, are as follows :
(Unit : million baht)
Consolidated and Separate Financial Statements
2024
2023
91.37
87.34 6.27 (2.24)
6.41
(10.19)
87.59
91.37
Balance as at January 1 Increase during the year Paid during the year Balance as at December 31
19.3 Provident Fund
The Company and the subsidiaries and employees thereof collectively established the provident fund in accordance with the Provident Fund Act, B.E. 2530 (A.D. 1987). The Group of Companies and the employees shall pay contributions to the fund on monthly basis at the rate of 2-15 percent of the monthly salary. The provident fund is managed by Kasikorn Asset Management Company Limited, MFC Asset Management Public Company Limited and SCB Asset Management Company Limited. The fund shall be refunded to employees when they resign from the work in accordance with the Rules on Funds of the Group of Companies. For the years ended 31 December 2024 and 2023, the Company and the subsidiaries paid the contributions in the amount of 646.13 million baht and 619.49 million baht, respectively, in the consolidated financial statements, and the Company paid the contributions amounting to 643.87 million baht and 617.57 million baht, respectively, in the separate financial statements.
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