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EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2021

Disclosure of employee benefits [text block] [Abstract]

NOTE 23 - EMPLOYEE BENEFITS

	As of		As of
	December 31,		December 31,
	2021		2020
	ThUS$		ThUS$

Retirements payments		35,075		51,007
Resignation payments		5,817		8,230
Other obligations		15,341		14,879

Total liability for employee benefits		56,233		74,116

(a) The movement in retirements and resignation payments and other obligations:

	Opening		Increase (decrease) current service			Benefits			Actuarial (gains)		Currency			Closing
	balance		provision			paid			losses		translation			balance
	ThUS$		ThUS$			ThUS$			ThUS$		ThUS$			ThUS$
From January 1 to December 31, 2019		82,365		11,242			(4,390	)		10,636		(6,283	)		93,570
From January 1 to December 31, 2020		93,570		(18,759	)		(8,634	)		3,968		3,971			74,116
From January 1 to December 31, 2021		74,116		(11,391	)		(5,136	)		10,018		(11,374	)		56,233

The principal assumptions used in the calculation to the provision in Chile, are presented below:

	For the year ended
	December 31,
Assumptions	2021		2020


Discount rate		5.81%	2.67%
Expected rate of salary increase		3.00%	2.80%
Rate of turnover		5.14%	5.56%
Mortality rate		RV-2014	RV-2014
Inflation rate		3.4%	2.8%
Retirement age of women		60	60
Retirement age of men		65	65

The discount rate corresponds to the 20 years Central Bank of Chile Bonds (BCP). 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 BCU Central Bank of Chile papers have been used and BCP long term at the scope date.

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,
	2021			2020
	ThUS$			ThUS$
Discount rate
Change in the accrued liability an closing for increase in 100 p.b.		(2,642	)		(4,576	)
Change in the accrued liability an closing for decrease of 100 p.b.		2,959			5,244

Rate of wage growth
Change in the accrued liability an closing for increase in 100 p.b.		2,849			4,946
Change in the accrued liability an closing for decrease of 100 p.b.		(2,613	)		(4,678	)

(b) The liability for short-term:

	As of		As of
	December 31,		December 31,
	2021		2020
	ThUS$		ThUS$
Profit-sharing and bonuses (*)		58,153		2,186

(*)	Accounts payables to employees (Note 20 letter b)

The participation in profits and bonuses related to an annual incentive plan for achievement of certain objectives.

	For the year ended
	December 31,
	2021		2020		2019
	ThUS$		ThUS$		ThUS$
Salaries and wages		825,792		850,557		1,478,804
Short-term employee benefits		122,650		41,259		147,576
Other personnel expenses		93,457		70,244		168,382
Total		1,041,899		962,060		1,794,762