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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
EMPLOYEE BENEFIT PLANS |
Schedule of changes in actuarial liabilities |
Balance at December 31, 2018 |  | 430,427
Business combination |  | 147,877
Interest on employee benefits |  | 44,496
Actuarial loss |  | 147,640
Benefits paid in the year |  | (34,261)
Balance on December 31, 2019 |  | 736,179
Interest on employee benefits |  | 53,092
Actuarial loss/gain |  | 33,843
Employee contribution |  | (88)
Exchange rate variation |  | 487
Benefits paid in the year |  | (38,468)
Balance on December 31, 2020 |  | 785,045
Schedule of key actuarial economic and biometric assumptions used in the calculations of liability |
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Economic |  |  |  |
Discount rate – medical assistance and life insurance |  | 4.39% p.a. |  | 3.56% p.a.
Medical cost growth rate |  | 3.25% p.a. |  | 3.25% p.a.
Nominal inflation |  | 3.25% p.a. |  | 3.50% p.a.
Aging factor |  | 0 to 24 years: 1.50% p.a. 25 to 54 years: 2.50% p.a. 55 to 79 years: 4.50% p.a. Above 80 years: 2.50% p.a. |  | 0 to 24 years: 1.50% p.a. 25 to 54 years: 2.50% p.a. 55 to 79 years: 4.50% p.a. Above 80 years: 2.50% p.a.
Biometric |  |  |  |
Table of general mortality |  | AT-2000 |  | AT-2000
Table of mortality of disable persons |  | IAPB 57 |  | IAPB 57
Table of entry of disable |  | Mercer Disability |  | Mercer Disability
Turnover |  | 1.00% p.a. |  | 1.00% p.a.
Other |  |  |  |
Retirement age |  | 65 years |  | 65 years
|  | 90% married |  | 90% married
Family composition |  | Men 4 years + old |  | Men 4 years + old
Permanency in the plan |  | 100% |  | 100%
Summary of sensitivity analysis of actuarial liabilities | The Company made the sensitivity analysis regarding the relevant assumptions of the plans on December 31, 2020, as set forth below:
Relevant assumptions |  | Changes in premise |  | Increase in present value, net |  | Decrease in present value, net
Discount rate |  | 0.50% |  | Decrease of R$729,203 |  | Increase of R$824,894
Medical costs growth rate |  | 1.00% |  | Increase of R$876,554 |  | Decrease of 689,324
Schedule of expected benefit obligation payments for future years |
|  | Medical
|  | assistance and
Payments |  | life insurance
2021 |  | 35,658
2022 |  | 38,228
2023 |  | 40,886
2024 |  | 43,640
2025 |  | 46,409
2026 on onwards |  | 274,822

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- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2020-01-01 -Paragraph 147 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2020-en-r&anchor=para_147_c&doctype=Standard -URIDate 2020-01-01 + Details
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- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2020-01-01 -Paragraph 145 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2020-en-r&anchor=para_145&doctype=Standard -URIDate 2020-01-01 + Details
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