Annual Report 2021

211 2021 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 20 Employee retirement benefits (continued) (c) Movements in the present value of the defined benefit obligations: 2021 2020 $’000 $’000 At 1 January 1,703,054 1,831,713 Remeasurements: – Actuarial gains arising from changes in demographic assumptions (81) (147) – Actuarial (gains)/losses arising from changes in financial assumptions (69,344) 91,093 – Actuarial gains arising from liability experience (72,913) (78,909) (142,338) 12,037 Benefits paid by the plans (281,712) (236,031) Current service cost 56,790 63,359 Interest cost 8,310 31,976 (216,612) (140,696) At 31 December 1,344,104 1,703,054 The weighted average duration of the Monthly Rated and Daily Rated defined benefit obligations are 8.5 and 5.6 years respectively (2020: 8.8 and 5.6 years respectively). (d) Movements in plan assets: 2021 2020 $’000 $’000 At 1 January 3,404,549 3,138,564 Administrative expenses paid (5,201) (3,672) Benefits paid by the plans (281,712) (236,031) Interest income 16,515 55,499 Return on plan assets, excluding interest income 169,415 450,189 At 31 December 3,303,566 3,404,549 (e) Amounts recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: 2021 2020 $’000 $’000 Current service cost 56,790 63,359 Net income on net defined benefit asset (8,205) (23,523) Administrative expenses paid 5,201 3,672 Total amounts recognised in profit or loss 53,786 43,508 Actuarial (gains)/losses (142,338) 12,037 Return on plan assets, excluding interest income (169,415) (450,189) Amounts recognised in other comprehensive income (311,753) (438,152) Total defined benefit income (257,967) (394,644)