Page 120 - RB GRENADA ANNUAL REPORT 2025_ONLINE

120 • Republic Bank (Grenada) Limited 2025 Annual Report • FINANCIALS

Notes to the Financial Statements

For the year ended September 30, 2025. Expressed in Thousands of Eastern Caribbean dollars ($’000), except where otherwise stated.

9 Employee benefits/obligations (continued)

Defined benefit Employee defined

pension plan benefit liabilities
2025 2024 2025 2024

g The amounts recognised in the Statement of income are:
Current service cost (709) (924) (534) (497)
Net interest on net defined asset/(liability) 251 (226) (360) (375)
Administration expenses (62) (63) – –
Past service cost – – – 257

Total included in staff costs (520) (1,213) (894) (615)

h Remeasurements recognised in other comprehensive income
Experience (losses)/gains (1,607) 6,769 (248) 954
Effect of asset ceiling 1,260 (2,997) – –

Total included in other comprehensive income (347) 3,772 (248) 954

i Summary of principal actuarial assumptions as at September 30
2025 2024
% %

Discount rate 7.00 7.00
Rate of salary increases 4.00 4.00
Pension increases 0.00 0.00
Medical cost trend rates 6.00 6.00
NIS ceiling rates 3.00 3.00

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 Employee defined

pension plan benefit liabilities
2025 2024 2025 2024

Life expectancy at age 60 for current pensioner in years:
Male 22.0 22.0 22.0 22.0
Female 26.3 26.2 26.3 26.2

Life expectancy at age 60 for current members age 40 in years:
Male 22.9 22.8 22.9 22.8
Female 27.2 27.1 27.2 27.1