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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Disclosure of information about defined benefit plans [abstract]  
EMPLOYEE BENEFIT PLANS
21.    EMPLOYEE BENEFIT PLANS
The Company offers supplementary pension plans and defined benefit plans, such as medical assistance and life insurance, as set forth below:
21.1.Pension plan
The Company has current supplementary retirement plans, as disclosed below.
21.2.1.Pension plan – Suzano Prev
In 2005, the Company established the Suzano Prev pension plan, managed by BrasilPrev, an open private pension entity, which serves the employees of Suzano Group Companies, in the form of a defined contribution plan.
Under the terms of the benefit plan agreement, for employees who have a salary above 10 Suzano reference units (“URS”), in addition to the 0.5% contribution, the contributions of the company follow the employees’ contributions, and affect the portion of the salary that exceeds 10 URS, which can vary between 1% and 6% of the nominal salary. This plan is called Basic Contribution 1.
The Company’s contributions to the employees are 0.5% of the nominal salary that does not exceed 10 URS, even though there is no contribution by the employees. This plan is called Basic Contribution 2.
From August 2020, employees who have a salary lower than 10 URS will be able to invest 0.5% or 1.0% of their nominal salary, and the Company will monitor the employee’s contributions. The employee can choose to invest up to 12% of their salary in the Suzano Prev pension plan, and the excess of Basic Contribution 1 or 2 may be invested in the supplementary contribution, where there is no counter-entry from the Company, and the employee must consider the two contributions within the limit of 12% of the salary.
Access to the balance constituted by the Company’s contributions only occurs upon dismissal, and is directly related to the length of the employment relationship.
Contributions made by the Company for the year ended December 31, 2023 totaled R$18,342 recognized under employee benefits (R$15,248 as of December 31, 2022, including the balance from Fundação Senador José Ermírio de Moraes – Funsejem, terminated in July 2020).
The Company offers the following post-employment benefits in addition to the pension plans, which are measured based on actuarial calculations and recognized in the financial statement, as detailed below.
21.2.Defined benefits plan
The Company offers the following post-employment benefits in addition to the pension plans, which are measured based on actuarial calculations and recognized in the financial statement, as detailed below.
21.2.1.Medical assistance
The Company guarantees healthcare program cost coverage for a group of former employees who retired up to 2007, as well as their spouses for life and underage dependents.
For other groups of former employees, who exceptionally, according to the Company’s criteria and resolutions or based on rights related to compliance with pertinent legislation, the Company ensures the healthcare program.
The main actuarial risks related are: (i) lower interest rates; (ii) longer than expected mortality tables; (iii) higher than expected turnover; and (iv) higher than expected growth in medical costs.
21.2.2.Life insurance
The Company offers the life insurance benefit to the group of former employees who retired up to 2005 at the Suzano and São Paulo administrative offices, and did not opt for the supplementary retirement plan.
The main actuarial risks are: (i) lower interest rates; and (ii) higher than expected mortality.
21.2.3.Roll-forward of actuarial liability
The roll-forward of actuarial liabilities prepared based on actuarial report is set forth below:
December 31, 2023December 31, 2022
Opening balance691,424 675,158 
Interest on actuarial liabilities67,272 58,420 
Current service cost1,959 838 
Actuarial loss – experience57,765 74,794 
Actuarial loss (gain) – financial assumptions70,762 (62,563)
Exchange rate variations (577)
Benefits paid directly by entity(55,499)(54,646)
Closing balance833,683 691,424 
21.2.4.Economic actuarial assumptions and biometric data
The main economic actuarial assumptions and biometric data used in the actuarial calculations are set forth below:
December 31, 2023December 31, 2022
Economic
Nominal discount rate – medical assistance and life insurance9.14 %p.a.10.07 %p.a.
Medical cost growth rate6.86 %p.a.6.86 %p.a.
Nominal inflation3.50 %p.a.3.50 %p.a.
Aging factor0 to 24 years:1.50 %p.a.0 to 24 years:1.50 %p.a.
25 to 54 years:2.50 %p.a.25 to 54 years:2.50 %p.a.
55 to 79 years:4.50 %p.a.55 to 79 years:4.50 %p.a.
Above 80 years:2.50 %p.a.Above 80 years:2.50 %p.a.
Biometric
Table of general mortalityAT-2000AT-2000
Table of mortality of disabled personsIAPB 57IAPB 57
Turnover1.00 %p.a.1.00 %p.a.
Other
Retirement age65 years65 years
Men 4 years + oldMen 4 years + old
Family composition
and 90% married
and 90% married
Permanency in the plan100 %100 %
21.2.5.Sensitivity analysis
The sensitivity analysis regarding the relevant assumptions of the plans show the impact on the liability balance:
Discount rateMedical costs growth rate
+0.50%852,688 +1.00%896,842 
21.2.6.Forecast amounts and average duration of payments of obligations
The expected benefit payments for future years (ten years), from the obligation of benefits granted and the average duration of the plan obligations are as set forth below:
PaymentsMedical
assistance and
life insurance
202450,482 
202553,893 
202657,429 
202761,010 
202864,717 
2029 to 2033376,635