Page 144 - RFHL ANNUAL REPORT 2024_ONLINE

142 Notes to the Consolidated Financial Statements
For the Year Ended September 30, 2024.
Expressed in millions of Trinidad and Tobago dollars, except where otherwise stated.

10. Employee benefits (continued)

g The amounts recognised in the Consolidated statement of income are as follows:

Defined benefit Post-retirement
pension plans medical benefits
2024 2023 2024 2023

Current service cost 105 99 2 2
Interest on defined benefit obligation (60) (77) 2 2
Administration expenses 5 4 – –

Total included in staff costs 50 26 4 4

h Remeasurements recognised in Other comprehensive income:

Experience gains/(losses) 22 (254) 6 4
Effect of asset ceiling 2 2 – –

Total included in Other comprehensive income 24 (252) 6 4

i Summary of principal actuarial assumptions as at September 30:

2024 2023
% %

Discount rates 1.00 - 33.00 1.00 - 26.00
Rate of salary increases 4.00 - 17.90 4.00 - 11.10
Pension increases 1.50 - 7.72 1.50 - 11.35
Medical cost trend rates 2.80 - 7.00 2.20 - 7.00
NIS ceiling rates 4.25 - 5.00 3.00 - 5.00

Assumptions regarding future mortality are based on published mortality rates. The life expectancies underlying the
value of the defined benefit obligation as at September 30 are as follows:
Defined benefit
pension plans
2024 2023

Life expectancy at age 60 - 65 for current pensioners in years:
- Male 17.6 to 25.2 21.1 to 25.1
- Female 21.6 to 27.1 21.6 to 27.1

Life expectancy at age 60 - 65 for current members age 40 in years:
- Male 18.7 to 36.4 18.6 to 36.4
- Female 22.7 to 41.5 22.7 to 41.5