Page 227 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
(viii) Statutory benefits under the Workers’ Rights Act (WRA)
Workers’ Rights Act (WRA)
provides for a a a a a a a a a a a a a a a a lump sum at at at at at retirement or or or or or death whichever occurs earlier based on on final salary and years of of service service Prior to the the the implementation of of the the the Portable Retirement Gratuity Fund (PRGF) these benefits are are unfunded as as as as at at at at at at December 31 2019 Moreover employees who resign as as as as as from from 2020
2020
are are eligible for for for a a a a a a a a a a a a a a a a a a a a a a a a portable gratuity gratuity benefit benefit benefit based on on on service service with the employer as as as as from from January 01 01 2020
2020
and remuneration at at at at at exit (same benefit benefit formula as as as as for for for retirement/death gratuity) (ix) The major categories of the planned assets are as as follows:
(i) Movement in in fin the the liability recognised in in fin the the statements
of financial position:
THE GROUP
THE COMPANY
2019 %%
2020
% 1 0 1 0 1 0 1 0 96 0 100 0 0 0 2020
% % - - - - 100 0 0 0 100 0 0 0 Local equities
Overseas equities
and mutual funds
Fixed interest Property 1 1 0 0 - - Qualifying insurances policies 96 96 0 0 0 0 0 0 0 0 100 100 0 0 0 0 0 0 0 0 100 100 100 0 0 0 0 0 0 0 0 0 100 100 100 0 0 0 0 0 0 0 0 0 (b) Unfunded obligation The amounts recognised in fin in the statements
of of financial position in fin in respect of of unfunded obligation are as follows:
THE GROUP
THE COMPANY
1 0 - - 1 0 - - 1 0 - - 2019 Present value of unfunded obligation (ii) Movement of of defined benefit of of unfunded obligation At July 01 Amount recognised in profit or loss:
Current service cost Interest expense Past service cost Amount recognised in in other comprehensive income:
Liability experience losses/(gains)
Losses due to changes in fin financial assumptions
Benefit paid
At June 30 2020
Rs’000 214 909
185 700
12 227 9 532 1 1 317 23 076
4 816 22 517 27 333
(21 200) 214 909
2019 2020
Rs’000 Rs’000 Rs’000 Rs’000 185 700
172 644
140 919 152 793 8 8 031 8 8 927
7 458 8 8 8 089 19 - 15 508 17 016
(633) 3 3 3 3 530 43 408 19 093 42 775 22 623 (13 502) (19 788) 185 700
172 644
2019 Rs’000 152 793 114 706
5 910 6 015 52 11 977
1 1 1 011 37 420 38 431
(12 321) 152 793 UBP INTEGRATED REPORT 2020
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