Page 234 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

39. STAFF RETIREMENT BENEFITS

The details of actuarial valuation of defined benefit funded plans carried out as at year end are as follows:

39.1 Funded gratuity and pension plan

POL - defined benefit funded plan
39.2 The amounts recognized in the statement of financial position are as follows:

2021 2020
Rupees ('000)

Present value of defined benefit obligations 1,618,605 1,519,369
Fair value of plan assets (1,677,955) (1,649,332)
(59,350) (129,963)

Amounts in the statement of financial position:
Gratuity Fund (Asset) (185,791) (154,676)
Management Staff Pension Fund Liability 126,441 24,713
Net liability/ (asset) (59,350) (129,963)

39.3 The amounts recognized in the statement of profit or loss
are as follows:

Current service cost 37,594 40,047
Past service cost - 2,169
Net interest cost (15,075) (13,311)
22,519 28,905
39.4 The amounts recognized in statement of profit or loss and
other comprehensive income are as follows:

Remeasurement due to:
Change in financial assumptions 5,111 24,693
Experience adjustments 118,398 (92,561)
Investment return 11,216 49,613
134,725 (18,255)
39.5 Changes in the present value of defined benefit obligation
are as follows:

Opening defined benefit obligation 1,519,369 1,500,143
Current service cost 37,594 40,047
Past service cost - 2,169
Interest cost 124,096 195,221
Remeasurement loss/(gain) 123,508 (67,869)
Benefits paid (185,962) (150,342)
Closing defined benefit obligation 1,618,605 1,519,369

232 PAKISTAN OILFIELDS LIMITED