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Employee Benefits

12 Months Ended

Dec. 31, 2020

25.

Employee Benefits:

(a)

Provisions for personnel benefits and payroll:

	2019		2020
	MCh$		MCh$
Short-term personnel benefits (a.2)		51,051		43,941
Vacation accrual (a.3)		27,609		33,993
Employee defined benefit plan (a.1)(*)		7,566		7,581
Other Benefits		22,849		25,728
Total		109,075		111,243

(*)

See Note No. 2 (x) (iii).

(a.1)

Employee defined benefit plan:

	2019		2020
	MCh$		MCh$
Current service cost		101		367
Interest cost on benefit obligation		222		160
Actuarial gains and losses		247		91
Net benefit expense		570		618

The net benefit expense is recognized under “Personnel Expenses” (Note No. 34).

The principal assumptions used in determining pension obligations for the Bank’s plan are shown below:

The most recent actuarial valuation of the staff severance indemnities provision was carried out during December 2020.

Changes in the present value of the defined benefit obligation are as follows:

	2019			2020
	MCh$			MCh$
Opening defined benefit obligation, January 1,		7,754			7,566
Increase in provision		323			527
Benefits paid		(758	)		(603	)
Actuarial gains and losses		247			91
Closing defined benefit obligation		7,566			7,581

(a.2)

The following table details the changes in provisions for incentive plans during 2019 and 2020:

(a.3)

The following table details the changes in provisions for vacation during 2019 and 2020:

(b)

Provisions for share-based employee benefits:

As of December 31, 2019 and 2020, the Bank and its subsidiaries did not have a stock-based compensation plans.