Page 184 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED
Notes to and Forming Part of the

Financial Statements

For the year ended June 30, 2022

35. STAFF RETIREMENT BENEFITS
The details of actuarial valuation of defined benefit funded plans carried out as at year end are as follows:
2022 2021
Rupees ('000)
35.1 The amounts recognized in the statement of financial
position are as follows:
Present value of defined benefit obligations 1,769,240 1,618,605
Fair value of plan assets (1,826,152) (1,677,955)
(56,912) (59,350)

Amounts in the statement of financial position:
Gratuity Fund - (Asset) (226,505) (185,791)
Management Staff Pension Fund - Liability 169,593 126,441
Net (Assets) (56,912) (59,350)
35.2 The amounts recognized in the statement of profit or loss are
as follows:

Current service cost 44,108 37,594
Net interest income (10,505) (15,075)
33,603 22,519

35.3 The amounts recognized in statement of profit or loss and
other comprehensive income are as follows:

Remeasurement due to:
Change in financial assumptions (1,369) 5,111
Experience adjustments 69,163 118,398
Investment loss (7,559) 11,216
60,235 134,725
35.4 Changes in the present value of defined benefit obligation
are as follows:
Opening defined benefit obligation 1,618,605 1,519,369
Current service cost 44,108 37,594
Interest cost 155,997 124,096
Remeasurement loss 67,794 123,508
Benefits paid (117,264) (185,962)
Closing defined benefit obligation 1,769,240 1,618,605

35.5 Changes in fair value of plan assets are as follows:
Opening fair value of plan assets 1,677,955 1,649,332
Interest income 166,502 139,171
Remeasurement gain / (loss) 7,559 (11,216)
Contribution by employer 91,399 86,630
Benefits paid (117,263) (185,962)
Closing fair value of plan assets 1,826,152 1,677,955