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EMPLOYEE BENEFITS | 12 Months Ended
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Dec. 31, 2022
EMPLOYEE BENEFITS [Abstract] |
EMPLOYEE BENEFITS | NOTE 22 - EMPLOYEE BENEFITS
|  | As of |  |  | As of |
|  | December, 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |
Retirements payments |  |  | 45,076 |  |  |  | 35,075 |
Resignation payments |  |  | 6,365 |  |  |  | 5,817 |
Other obligations |  |  | 42,047 |  |  |  | 15,341 |
Total liability for employee benefits |  |  | 93,488 |  |  |  | 56,233 |
(a) The movement in retirements, resignations 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, 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 |
From January 1 to December 31, 2022 |  |  |  | 56,233 |  |  |  | 53,254 |  |  |  | (4,375 | ) |  |  | (9,935 | ) |  |  | (1,689 | ) |  |  | 93,488 |
The main assumptions used in the calculation of the provision in Chile are presented below:
|  | For the period ended |
|  | December 31, |
Assumptions |  | 2022 |  |  | 2021 |
Discount rate |  |  | 5.37 | % |  |  | 5.81 | %
Expected rate of salary increase |  |  | 5.23 | % |  |  | 3.00 | %
Rate of turnover |  |  | 5.14 | % |  |  | 5.14 | %
Mortality rate |  |  | RV-2014 |  |  |  | RV-2014 |
Inflation rate |  |  | 3.61 | % |  |  | 3.44 | %
Retirement age of women |  |  | 60 |  |  |  | 60 |
Retirement age of men |  |  | 65 |  |  |  | 65 |
The discount rate is based on the bonds issued by the Central Bank of Chile with a maturity of 20 years. The RV-2014 mortality tables correspond to those established by the Commission for the Financial Market of Chile. The inflation rates are based on the yield curves of the long term nominal and inflation adjusted bonds issued by the Central Bank of Chile. 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, |
|  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |
Discount rate |  |  |  |  |  |
Change in the accrued liability an closing for increase in 100 p.b. |  |  | (3,308 | ) |  |  | (2,642 | )
Change in the accrued liability an closing for decrease of 100 p.b. |  |  | 3,724 |  |  |  | 2,959 |
Rate of wage growth |  |  |  |  |  |  |  |
Change in the accrued liability an closing for increase in 100 p.b. |  |  | 3,520 |  |  |  | 2,849 |
Change in the accrued liability an closing for decrease of 100 p.b. |  |  | (3,216 | ) |  |  | (2,613 | )
(b) | The liability for short-term:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |
Profit-sharing and bonuses (*) |  |  | 74,802 |  |  |  | 58,153 |
(*) | Accounts payables to employees (Note 19 letter b)
The participation in profits and bonuses related to an annual incentive plan for achievement of certain objectives.
(c) | Employment expenses are detailed below:
|  | For the period ended |
|  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Salaries and wages |  |  | (1,024,304 | ) |  |  | (825,792 | ) |  |  | (850,557 | )
Short-term employee benefits |  |  | (121,882 | ) |  |  | (122,650 | ) |  |  | (41,259 | )
Other personnel expenses |  |  | (120,150 | ) |  |  | (93,457 | ) |  |  | (70,244 | )
Total |  |  | (1,266,336 | ) |  |  | (1,041,899 | ) |  |  | (962,060 | )

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