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UNIVERSITY OF KWAZULU-NATAL FOUNDATION TRUST Trust Deed number: IT 589/2003
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31December 2024
5. POST-RETIREMENT HEALTH CARE OBLIGATIONS (continued) 2024
The effect of a 1% change in the assumed health care cost inflation and discount rate would be as follows:
1% increase : Current service and interest costs Aggregate defined benefit obligation
1% decrease : Current service and interest costs Aggregate defined benefit obligation
The effect of a one-year older change or one-year younger change in the retirement age assumption would be as follows:
1 year increase : Current service and interest costs Aggregate defined benefit obligation
1 year decrease : Current service and interest costs Aggregate defined benefit obligation
2023:
The effect of a 1% change in the assumed health care cost inflation and discount rate would be as follows:
1% increase : Current service and interest costs Aggregate defined benefit obligation
1% decrease : Current service and interest costs Aggregate defined benefit obligation
The effect of a one-year older change or one-year younger change in the retirement age assumption would be as follows:
1 year increase : Current service and interest costs Aggregate defined benefit obligation
1 year decrease : Current service and interest costs Aggregate defined benefit obligation
2024 2023 RR
Health care cost inflation
1 567 106
1 279 283
Retirement age
159 010 1 381 293 168 638 1 444 825
Health care cost inflation
1 431 135
1 170 743
Retirement age
161 073 1 266 047 169 683 1 317 268
183 923
146 458
185 400
148 112
Discount rate
158 831
1 278 922
166 864
1 569 650
Discount rate
159 423
1 170 412
171 679
1 433 398
UKZN FOUNDATION ANNUAL REPORT 2024 43
