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Employee Benefits | 12 Months Ended
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Dec. 31, 2017
Employee Benefits |
Employee Benefits | 25. Employee Benefits: (a) Provisions for personnel benefits and payroll:
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Short-term personnel benefits (a.2) |  | 37,868 |  | 41,728 |
Vacation accrual (a.3) |  | 25,539 |  | 25,159 |
Employee defined benefit plan (a.1)(*) |  | 8,851 |  | 7,676 |
Other Benefits |  | 11,087 |  | 12,065 |
Total |  | 83,345 |  | 86,628 |
(*) See Note No. 2 (ac) (iii) (a.1) Employee defined benefit plan:
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Current service cost |  | 59 |  | (86 | )
Interest cost on benefit obligation |  | 369 |  | 343 |
Actuarial gains and losses |  | (169 | ) | (164 | )
Net benefit expense |  | 259 |  | 93 |
The net benefit expense is recognized under “Personnel Expenses” (Note 34). The principal assumptions used in determining pension obligations for the Bank’s plan are shown below:
|  | December 31, |  | December 31, |
|  | 2016 |  | 2017 |
|  | % |  | % |
Discount rate |  | 4.29 |  | 4.53 |
Annual salary increase |  | 4.56 |  | 4.14 |
Payment probability |  | 99.99 |  | 99.99 |
The most recent actuarial valuation of the present value of the benefit plan obligation was carried out at December 31, 2017. Changes in the present value of the defined benefit obligation are as follows:
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Opening defined benefit obligation, January 1, |  | 10,728 |  | 8,851 |
Contributions by the employer |  | 428 |  | 257 |
Benefits paid |  | (2,136 | ) | (1,268 | )
Actuarial gains and losses |  | (169 | ) | (164 | )
Closing defined benefit obligation |  | 8,851 |  | 7,676 |
(a.2) The following table details the changes in provisions for incentive plans during 2016 and 2017:
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Balances as of January 1, |  | 34,307 |  | 37,868 |
Provisions established |  | 37,339 |  | 36,171 |
Provisions used |  | (33,778 | ) | (32,311 | )
Provisions released |  | — |  | — |
Balances as of December 31, |  | 37,868 |  | 41,728 |
(a.3) The following table details the changes in provisions for vacation during 2016 and 2017:
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Balances as of January 1, |  | 25,480 |  | 25,539 |
Provisions established |  | 5,932 |  | 5,626 |
Provisions used |  | (5,873 | ) | (6,006 | )
Provisions released |  | — |  | — |
Balances as of December 31, |  | 25,539 |  | 25,159 |
(b) Provisions for share-based employee benefits: As of December 31, 2016 and 2017, the Bank and its subsidiaries do not have a stock compensation plan.

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