2022-23 SGI CANADA Annual Report
19. Employee Salaries and Benefits
The Corporation incurs salary and retirement benefit costs associated with its defined benefit pension plan, defined
contribution plan and its defined benefit service recognition plans and other benefit costs. The Corporation allocates
a portion of these costs to the Saskatchewan Auto Fund for employees of the Corporation who provide service to it
based on a cost allocation framework. These amounts have been disclosed separately in this note.
The Corporation allocates expenses incurred to the various operating functions. The Corporation includes
employee salaries and benefits in the claims incurred and administrative expense line on the Consolidated
Statement of Operations.
Total salary and benefits expenses incurred during the year are as follows:
Salaries
Defined contribution pension plan
Defined benefit pension plan
Defined benefit service recognition plans
Other benefits
Total salaries and benefits
Less: Allocation to Saskatchewan Auto Fund
Salaries and benefits incurred in SGI CANADA
(thousands of $)
2023
2022
$
192,375 $
174,546
11,715
10,464
119
65
450
414
31,776
35,082
236,435
220,571
(129,102)
(127,490)
$
107,333 $
93,081
Defined contribution pension plan
The Corporation has employees who are members of the Public Employees Pension Plan, which is a defined
contribution pension plan. The Corporation's financial obligation is limited to contributions made on behalf of
employees for their current service.
Defined benefit pension plan
The Corporation has a defined benefit pension plan for certain of its employees that has been closed to new
membership since 1980. Current service costs of this plan are charged to operations on the basis of actuarial
valuations, the most recent valuation being as of December 31, 2019.
Results from the last actuarial valuation have been projected to March 31, 2023. The actuarial valuation is measured
using management's best estimates based on assumptions that reflect the most probable set of economic
circumstances and planned courses of action. The estimate, therefore, involves risks that the actual amount may
differ materially from the estimate.
2022-23 SGI CANADA Annual Report 75View entire presentation