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EMPLOYEE BENEFITS | 12 Months Ended
--- | ---
Dec. 31, 2018
Disclosure of defined benefit plans [abstract] |
EMPLOYEE BENEFITS | NOTE 23 - EMPLOYEE BENEFITS
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
|  | ThUS$ |  |  | ThUS$ |
Retirements payments |  |  | 56,126 |  |  |  | 55,119 |
Resignation payments |  |  | 8,802 |  |  |  | 10,124 |
Other obligations |  |  | 17,437 |  |  |  | 35,844 |
Total liability for employee benefits |  |  | 82,365 |  |  |  | 101,087 |
The movement in retirements and resignation payments and other obligations:
|  |  |  |  | Increase (decrease) |  |  |  |  |  | Actuarial |  |  |  |  |  |  |
|  | Opening |  |  | current service |  |  | Benefits |  |  | (gains) |  |  | Currency |  |  | Closing |
|  | balance |  |  | provision |  |  | paid |  |  | losses |  |  | translation |  |  | balance |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
From January 1 to December 31, 2016 |  |  | 65,271 |  |  |  | 17,487 |  |  |  | (4,536 | ) |  |  | 3,105 |  |  |  | 995 |  |  |  | 82,322 |
From January 1 to December 31, 2017 |  |  | 82,322 |  |  |  | 21,635 |  |  |  | (5,399 | ) |  |  | (2,763 | ) |  |  | 5,292 |  |  |  | 101,087 |
From January 1 to December 31, 2018 |  |  | 101,087 |  |  |  | (7,384 | ) |  |  | (6,018 | ) |  |  | 5,820 |  |  |  | (11,140 | ) |  |  | 82,365 |
The principal assumptions used in the calculation to the provision in Chile are presented below:
|  | As of
|  | December 31,
Assumptions |  | 2018 |  | 2017
Discount rate |  | 4.27% |  | 4.55%
Expected rate of salary increase |  | 4.50% |  | 4.50%
Rate of turnover |  | 6.60% |  | 6.98%
Mortality rate |  | RV-2014 |  | RV-2014
Inflation rate |  | 2.70% |  | 2.72%
Retirement age of women |  | 60 |  | 60
Retirement age of men |  | 65 |  | 65
The discount rate corresponds to the 20-year term rate of the BCP Central Bank of Chile Bonds. The RV-2014 mortality tables correspond to those established by the Commission for the Financial Market of Chile and for the determination of the inflation rates; the market performance curves of Central Bank of Chile papers of the BCUs have been used. BCP long term at the date of scope. The calculation of the present value of the defined benefit obligation is sensitive to the variation of some actuarial assumptions such as discount rate, salary increase, rotation and inflation. The sensitivity analysis for these variables is presented below:
|  | Effect on the liability |
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
|  |  | ThUS$ |  |  |  | ThUS$ |
Discount rate |  |  |  |  |  |  |  |
Change in the accrued liability an closing for increase in 100 p.b. |  |  | (6,538 | ) |  |  | (5,795 | )
Change in the accrued liability an closing for decrease of 100 p.b. |  |  | 4,918 |  |  |  | 6,617 |
Rate of wage growth |  |  |  |  |  |  |  |
Change in the accrued liability an closing for increase in 100 p.b. |  |  | 4,750 |  |  |  | 6,412 |
Change in the accrued liability an closing for decrease of 100 p.b. |  |  | (6,547 | ) |  |  | (5,750 | )
| (b) | The liability for short-term:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
|  | ThUS$ |  |  | ThUS$ |
Profit-sharing and bonuses (*) |  |  | 81,222 |  |  |  | 99,862 |
| (*) | Accounts payables to employees (Note 20 letter b)
The participation in profits and bonuses correspond to an annual incentives plan for achievement of objectives.
| (c) | Employment expenses are detailed below:
|  | For the year ended |
|  | December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Salaries and wages |  |  | 1,481,357 |  |  |  | 1,604,552 |  |  |  | 1,549,402 |
Short-term employee benefits |  |  | 132,394 |  |  |  | 145,245 |  |  |  | 132,436 |
Termination benefits |  |  | 54,007 |  |  |  | 85,070 |  |  |  | 79,062 |
Other personnel expenses |  |  | 152,211 |  |  |  | 188,767 |  |  |  | 190,233 |
Total |  |  | 1,819,969 |  |  |  | 2,023,634 |  |  |  | 1,951,133 |

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