Annual Report 2009
BANK OF JAMAICA Notes to the Financial Statements (Continued) December 31, 2009 12.
Employee benefits (continued) (b)
Post-retirement obligations (continued): (ii)
Movement in present value of defined benefit obligation: 2008 J$'000
2009 J$'000 Balance at beginning of year Interest cost Current service cost Past service costs Benefits paid Actuarial gain losses Balance at end of year
1,964,800 54,500 15,500 27,700 ( 9,800) 152,400
2,363,900 311,900 50,300 17,300 ( 61,900) ( 716,700)
2,205,100
1,964,800
(iii) Expense recognised in the income statement:
Current service costs Interest on obligations Past service costs Net actuarial gain recognised in the year
(iv)
2009 J$'000
2008 J$'000
15,500 54,500 10,000 ( 700)
50,300 311,900 6,400 83,400
79,300
452,000
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): 2008 2009 % % Discount rate 16.0 16.0 Medical claims growth 15.0 15.0 Assumptions regarding future mortality are based on the PA (90) mortality table for pensioners (British mortality tables), but with each age rated down by six years.
(v)
Historical information Post-employment medical benefits 2009 J$'000 Present value of obligations Experience adjustments arising on plan liabilities
2008 J$'000
2,205,100 152,400
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2007 J$'000
2006 J$'000
2005 J$'000
1,964,800 2,361,500 1,443,900 1,069,600 (
59,400) (
35,800) (
30,100)
78,300
Final Accounts for Year Ended 31 December 2009