Investor Presentaiton
HKAS 1.51(a)
HKAS 1.49
HK Listco Ltd
HKAS 1.77
Financial statements for the year ended 31 December 2023
28
POST-EMPLOYMENT BENEFITS
The group operates a MPF scheme for the employees and two other retirement plans registered under
the Occupational Retirement Schemes Ordinance (Chapter 426 of the Laws of Hong Kong) for the
senior management team in Hong Kong. In addition, the employees employed under the Hong Kong
Employment Ordinance are also entitled to long service payment if the eligibility criteria are met.
The ORSO plans and LSP are defined benefit plans. The analysis of the carrying amount of defined benefit
plan obligations is as follows:
ORSO plan liabilities (note 28(b))
Long service payment liabilities (note 28(c))
(a)
MPF scheme
2023
$'000
2022
$'000
(restated)
1,997
1,702
1,887
1,508
3,884
3,210
A16(26)(1)
A16(26)(2)
HKAS 19.139(a)
A16(26)(1)
HKAS 19.147(a)
A16(26)(3)(c) & (d)
(b)
The group operates a MPF scheme under the Hong Kong Mandatory Provident Fund Schemes Ordinance
for employees employed under the jurisdiction of the Hong Kong Employment Ordinance and not
previously covered by the group's ORSO plans. The MPF scheme is a defined contribution retirement
plan administered by independent trustees. Under the MPF scheme, the employer and its employees
are each required to make contributions to the plan at 5% of the employees' relevant income, subject to
a cap of monthly relevant income of HK$30,000. Contributions to the plan vest immediately, there is no
forfeited contributions that may be used by the group to reduce the existing level of contribution 231
ORSO plan liabilities 232, 233
The ORSO plans of the group are administered by trustees, the majority of which are independent, with
their assets held separately from those of the group. The trustees are required by the Trust Deed to act
in the best interest of the plan participants and are responsible for setting investment policies of the
plans. Under the plans, a retired employee is entitled to an annual pension payment equal to
final salary for each year of service that the employee provided.
of
The plans are funded by contributions from the group in accordance with an independent actuary's
recommendation based on annual actuarial valuations. The latest independent actuarial valuations of
the plans were at 31 December 2023 and were prepared by qualified staff of ABC Company Limited,
who are members of the Society of Actuaries of the United States of America, using the projected unit
credit method. The actuarial valuations indicate that the group's obligations under these defined benefit
retirement plans are []% (2022: 1%) covered by the plan assets held by the trustees.
148
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