Annual Report 2022

217 2022 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 20 Employee retirement benefits (continued) (d) Movements in plan assets: 2022 2021 $’000 $’000 At 1 January 3,303,566 3,404,549 Administrative expenses paid (3,289) (5,201) Benefits paid by the plans (183,501) (281,712) Interest income 41,176 16,515 (Loss)/return on plan assets, excluding interest income (563,625) 169,415 At 31 December 2,594,327 3,303,566 (e) Amounts recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: 2022 2021 $’000 $’000 Current service cost 44,067 56,790 Net income on net defined benefit asset (24,694) (8,205) Administrative expenses paid 3,289 5,201 Total amounts recognised in profit or loss 22,662 53,786 Actuarial gains (167,816) (142,338) Loss/(return) on plan assets, excluding interest income 563,625 (169,415) Amounts recognised in other comprehensive income 395,809 (311,753) Total defined benefit cost/(income) 418,471 (257,967) (f) Significant actuarial assumptions and sensitivity analysis are as follows: 2022 2021 Discount rate – Monthly Rated Employees Scheme 3.6% 1.4% – Daily Rated Employees Scheme 3.6% 1.2% Future salary increases 4.0% 4.0% The below analysis shows how the defined benefit obligation would have (decreased)/increased as a result of a 0.25 percentage point change in the significant actuarial assumptions: 2022 2021 Increase in 0.25 percentage point Decrease in 0.25 percentage point Increase in 0.25 percentage point Decrease in 0.25 percentage point $’000 $’000 $’000 $’000 Discount rate (14,908) 15,286 (22,055) 21,985 Future salary increases 13,643 (13,378) 19,349 (19,611) The above sensitivity analysis is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions.