Investor Presentaiton
terms of the regulations of the fund, the contributions of the employees
to FUNSEJEM are matched by the sponsors in accordance with the level
of remuneration of the employee. For employees whose remuneration
is lower than the threshold established by the regulations, the Company
matches the contributions that represent up to 1.5% of their monthly
remuneration. For employees whose remuneration exceeds the threshold,
the Company matches the contributions of employees that represent up
to 6% of their monthly remuneration. Voluntary contributions can also be
made to FUNSEJEM. Once the plan contributions are made, no additional
contributions are required.
(b) Defined benefit pension plan
The Company has subsidiaries with defined pension plans in North America,
South America and Europe, which follow similar regulatory standards. The
defined benefit pension plans also offer health care and life insurance,
among other benefits. The cost of the retirement benefits and the other
benefits of the plan granted to employees are determined by the projected
benefit method on a pro rata basis considering the length of service and
the best expectations of management regarding the return on plan assets,
salary adjustments, costs and mortality trends, and the age of retirement
of employees.
The amounts recognized in the balance sheet are determined as follows:
Opening balance for the year
Current service cost
Finance cost (income)
Past service cost and curtailments
Re-measurements:
Return on assets, excluding the amount
included as finance income
Losses (gains) arising from changes in
demographic assumptions
Losses (gains) arising from changes in
financial assumptions
Losses arising from experience
Changes in the asset ceiling, excluding
the amount included as finance cost
Foreign exchange gains (losses)
Contributions:
Present
value of
funded and
unfunded
obligations
1,612
Fair value
of plan
assets Total
(1,237)
11
38
(28)
1
50
(28)
རྞྞསྐ༐ ཋ ཋཀ།
Impact
of the
minimum
requirement
of the
funds/asset
2021 2020
ceiling Total Total
10 385 327
11 11
1 11 30
1 (3)
1 23 38
16
16
16 (62)
(5)
(96) 108
(96)
(2)
(96)
(1)
(1) (19)
17
17 (6)
(98)
16
(81)
17 (64)
16
99
(82)
17
17
64
Employer
6
6
6
(10)
2021
Present value of funded obligations
Fair value of plan assets
Deficit of funded plans
1,017
(1,079)
-62
2020
1,266
(1,238)
28
Payments of the plans:
Payment of benefits
(94)
0
75
(19)
(19)
(50)
0
Closing balance for the year
1,569
(1,250)
320
28
348
385
Present value of non-funded obligations
383
348
Total deficit of defined benefit pension plans
321
376
Impact of the minimum funding requirement/assets ceiling
27
9
Assets and liabilities in the balance sheet
348
385
The changes in the defined benefit obligation and the fair value of the plan
assets during the year were as follows:
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