Annual Report 2020

212 Transport International Holdings Limited 2020 Annual Report Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 20 Employee retirement benefits (continued) (b) Plan assets consist of the following: 2020 2019 $’ 000 $’ 000 Equity securities: – Hong Kong and Mainland China 708,208 730,925 – Europe 458,814 389,903 – North America 673,699 551,666 – Other Asia Pacific 751,997 659,098 2,592,718 2,331,592 Bonds 752,415 744,200 Cash and others 59,416 62,772 3,404,549 3,138,564 All of the equity securities and bonds have quoted prices in active markets. (c) Movements in the present value of the defined benefit obligations: 2020 2019 $’ 000 $’ 000 At 1 January 1,831,713 1,997,136 Remeasurements: – Actuarial (gains)/losses arising from changes in demographic assumptions (147) 160 – Actuarial losses arising from changes in financial assumptions 91,093 17,411 – Actuarial gains arising from liability experience (78,909) (7,992) 12,037 9,579 Benefits paid by the plans (236,031) (282,844) Current service cost 63,359 70,497 Interest cost 31,976 37,345 (140,696) (175,002) At 31 December 1,703,054 1,831,713 The weighted average duration of the Monthly Rated and Daily Rated defined benefit obligations are 8.8 and 5.6 years respectively (2019: 9.0 and 5.6 years respectively).