XML 74 R60.htm IDEA: XBRL DOCUMENT v3.21.1
21 Employees benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Employees Benefits  
Schedule of pension plan benefits
December 31, 2020 December 31, 2019
  G1 Plan G0 Plan Total G1 Plan G0 Plan Total
Present value of the defined benefit obligations (3,112,980) (2,549,541) (5,662,521) (3,067,094) (3,046,255) (6,113,349)
Fair value of the plan’s assets 2,793,927 - 2,793,927 2,752,417 - 2,752,417
             
Total pension plan liabilities (deficit) (319,053) (2,549,541) (2,868,594) (314,677) (3,046,255) (3,360,932)
Schedule of reconciliation of defined benefit obligations
December 31, 2020 December 31, 2019
  G1 Plan G0 Plan Total G1 Plan G0 Plan Total
Plan’s liabilities            
Defined benefit obligation, beginning of the year (3,067,094) (3,046,255) (6,113,349) (2,532,338) (2,606,107) (5,138,445)
Current service cost (40,404) - (40,404) (47,001) (227,367) (274,368)
Interest costs (208,485) (206,262) (414,747) (224,429) - (224,429)
Actuarial (gains)/losses recorded as other comprehensive income 64,637 521,331 585,968 (392,876) (397,597) (790,473)
Benefits paid 138,366 181,645 320,011 129,550 184,816 314,366
Defined benefit obligation, end of the year (3,112,980) (2,549,541) (5,662,521) (3,067,094) (3,046,255) (6,113,349)
Plan’s assets            
Fair value of the plan’s assets, beginning of the year 2,752,417 - 2,752,417 2,168,436 - 2,168,436
Expected return of the plan’s assets 187,317 - 187,317 192,965 - 192,965
Company’s contributions 36,010 - 36,010 36,968 - 36,968
Participant’s contributions 36,608 - 36,608 38,391 - 38,391
Benefits paid (138,366) - (138,366) (129,549) - (129,549)
Actuarial gains/(losses) recorded as other comprehensive income (80,059) - (80,059) 445,206 - 445,206
Fair value of the plan’s assets, end of the year 2,793,927 - 2,793,927 2,752,417 - 2,752,417
             
Total pension plan liabilities (deficit) (319,053) (2,549,541) (2,868,594) (314,677) (3,046,255) (3,360,932)
Schedule of (gains)/losses, due to changes in assumptions
December 31, 2020 December 31, 2019 December 31, 2018
  G1 Plan G0 Plan Total G1 Plan G0 Plan Total G1 Plan G0 Plan Total
                   
Actuarial gains/(losses) on obligations 64,637 521,331 585,968 (392,876) (397,597) (790,473) (114,188) (10,783) (124,971)
Actuarial gains/(losses) recorded as other comprehensive income (80,059) - (80,059) 445,206 - 445,206 113,869 - 113,869
Total gains/(losses) (15,422) 521,331 505,909 52,330 (397,597) (345,267) (319) (10,783) (11,102)
Deferred income tax and social contribution 5,243 - 5,243 (17,792) - (17,792) 108 - 108
Equity valuation adjustments (10,179) 521,331 511,152 34,538 (397,597) (363,059) (211) (10,783) (10,994)
Schedule of amounts recognized in income statement
  December 31, 2020 December 31, 2019 December 31, 2018
  G1 Plan G0 Plan Total G1 Plan G0 Plan Total G1 Plan G0 Plan Total
Cost of service, net 4,608 - 4,608 8,609 227,367 235,976 (22,431) 232,248 209,817
Interest cost rates 208,485 206,262 414,747 224,429 - 224,429 213,201 - 213,201
Expected return on the plan’s assets (187,317) - (187,317) (192,965) - (192,965) (179,449) - (179,449)
Amount received from State of São Paulo (undisputed) - (95,452) (95,452) - (97,300) (97,300) - (96,282) (96,282)
Total expenses 25,776 110,810 136,586 40,073 130,067 170,140 11,321 135,966 147,287
Schedule of maturity obligations
December 31, 2020
  G1 Plan G0 Plan
Payment of benefits expected in 2021 177,347 169,178
Payment of benefits expected in 2022 172,477 167,263
Payment of benefits expected in 2023 167,906 164,426
Payment of benefits expected in 2024 162,648 160,721
Payment of benefits expected in 2025 or after 2,432,602 1,887,953
Total 3,112,980 2,549,541
Duration 11.88 years 9.40 years
Schedule of actuarial assumptions
  December 31, 2020 December 31, 2019 December 31, 2018
  G1 Plan G0 Plan G1 Plan G0 Plan G1 Plan G0 Plan
Discount rate – actual rate (NTN-B) 3.44% p.a. 3.07% p.a. 3.37% p.a. 3.36% p.a. 4.91% p.a. 4.84% p.a.
Inflation rate 3.25% p.a. 3.25% p.a. 3.5% p.a. 3.5% p.a. 4.01% p.a. 4.01% p.a.
Nominal rate of salary growth 5.32% p.a. 5.32% p.a 5.57% p.a. 5.57% p.a 6.09% p.a. 6.09% p.a
Mortality table AT-2000 AT-2000 AT-2000 AT-2000 AT-2000 AT-2000
Schedule of sensitivity analysis of benefit plans

Sensitivity analysis of the defined benefit pension plan as of December 31, 2020 regarding the changes in the main assumptions are:

 

    Impact on the present value of the defined benefit obligations
Assumptions Change in the assumption G1 G0
Discount rate Increase of 1.0% Decrease of R$ 322,111 Decrease of R$ 214,482
Decrease of 1.0% Increase of R$ 388,571 Increase of R$ 249,611
Life expectation Increase of 1 year Increase of R$ 83,576 Increase of R$ 135,263
Decrease of 1 year Decrease of R$ 75,824 Decrease of R$ 118,909
Wage growth rate Increase of 1.0% Increase of R$ 29,598 Increase of R$ 310,103
Decrease of 1.0% Decrease of R$ 25,173 Decrease of R$ 271,853
Schedule of benefit plan expenses recognized by employer
2021
Cost of services, net 2,226
Interest costs 205,707
Net profitability on financial assets (184,687)
Expenditures to be recognized by the employer 23,246
Schedule of plan assets

The plan's asset allocation management strategies are determined with the support of reports and analysis prepared by Sabesprev and independent financial advisors:

 

  December 31, 2020 % December 31, 2019 %
Total fixed income 1,811,164 64.8 1,795,554 65.2
Total equities 311,958 11.2 301,707 11.0
Total structured investments 575,943 20.6 630,933 22.9
Other 94,862 3.4 24,223 0.9
Fair value of the plan’s assets 2,793,927 100 2,752,417 100
Schedule of expense related to defined benefit plan
2021
   
Interest cost rate 158,214
Expense to be recognized 158,214
Schedule of reconciliation of expenses with pension obligations
  December 31, 2020 December 31, 2019 December 31, 2018
       
G1 Plan 25,776 40,073 11,321
G0 Plan 110,810 130,067 135,966
Sabesprev Mais Plan 21,700 22,461 20,761
VIVEST Plan 58 - -
Subtotal 158,344 192,601 168,048
Expenses capitalized in assets (4,904) (6,022) (5,214)
Other 5,841 8,040 7,592
Pension plan obligations (Note 29) 159,281 194,619 170,426