Page 251 - Pakistan Oilfield Limited - Annual Report 2022

249
Annual Report 2022

The impact of changes in financial assumptions has been determined by revaluation of the
obligations on different rates. The impact of increase in longevity has been calculated on the
aggregate for each class of employees.

38.12 The weighted average duration of the defined benefit obligation is given below:
Plan Duration Pension Gratuity
Years
June 30, 2022 11.4 8
June 30, 2021 11.4 7.9
38.13 The Group contributes to the pension and gratuity funds on the advice of the fund's actuary. The
contributions are equal to the current service cost with adjustment for any deficit.
Projected payments Pension Gratuity
Rupees ('000)

Contributions FY 2022 67,141 -
Benefit payments:
FY 2023 108,673 36,206
FY 2024 114,396 30,497
FY 2025 121,973 43,964
FY 2026 128,447 32,721
FY 2027-31 138,607 60,468
FY 2028-32 885,062 416,578
CAPGAS - unfunded defined benefit plan
2022 2021
Rupees (‘000)
38.14 The amounts recognized in the statement of profit or loss are
as follows:

Current service cost 467 405
Interest cost 671 485
1,138 890

38.15 The amounts recognized in other comprehensive income are
as follows:

Remeasurement loss on staff retirement benefit plan 805 1,329
38.16 Changes in the present value of defined benefit obligation are
as follows:

Opening defined benefit obligation 7,862 5,642
Current service cost 467 406
Interest cost 671 485
Benefits paid (1,965) -
Remeasurement 805 1,329
Closing defined benefit obligation 7,840 7,862