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Net Defined Benefit Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Amount Recognized in the Statements of Financial Position and Defined Benefit Obligations

The amounts recognized in the statements of financial position are determined as follows:


(In millions of Korean won)	December 31, 2019			December 31, 2020
Present value of defined benefit obligations	￦	2,427,351		￦	2,556,712
Fair value of plan assets		(2,069,710	)		(2,189,375	)

Liabilities	￦	365,663		￦	378,087

Assets in the statement of financial position	￦	8,022		￦	10,750

Summary of Changes in the Defined Benefit Obligations

Changes in the defined benefit obligations for the years ended December 31, 2019 and 2020, are as follows:


(In millions of Korean won)	2019			2020
Beginning	￦	2,201,876		￦	2,427,351
Current service cost		243,598			248,047
Interest expense		47,403			45,083
Benefit paid		(100,663	)		(258,866	)
Changes due to settlements of plan		910			1,075
Remeasurements:
Actuarial gains and losses arising from changes in demographic assumptions		39			5,191
Actuarial gains and losses arising from changes in financial assumptions		11,773			17,077
Actuarial gains and losses arising from experience adjustments		19,465			57,703
Changes in scope of consolidation		2,950			14,051

Ending	￦	2,427,351		￦	2,556,712

Changes in the fair value of plan assets for the years ended December 31, 2019 and 2020, are as follows:


(In millions of Korean won)	2019			2020
Beginning	￦	1,643,046		￦	2,069,710
Interest income		35,386			38,590
Remeasurements:
Return on plan assets (excluding amounts included in interest income)		(2,537	)		2,589
Benefits paid		(87,119	)		(213,953	)
Employer contributions		476,916			284,243
Changes in scope of consolidation		4,018			8,196

Ending	￦	2,069,710		￦	2,189,375

Summary of Amounts Recognized in the Operating expenses of the Consolidated Statements of Operations

Amounts recognized in the ‘Operating expenses’ of the consolidated statements of operations for the years ended December 31, 2018, 2019 and 2020, are as follows:


(In millions of Korean won)	2018			2019			2020
Current service cost	￦	225,667		￦	243,598		￦	248,047
Net Interest cost		10,458			12,017			6,494
Past service cost		9,801			910			1,075
Transfer out		(13,881	)		(16,215	)		(16,514	)

Total expenses	￦	232,045		￦	240,310		￦	239,102

Summary of Principal Actuarial Assumptions

Principal actuarial assumptions used are as follows:


	December 31, 2018			December 31, 2019			December 31, 2020
Discount rate		2.32	%		1.97	%		1.93	%
Future salary increase		5.08	%		4.92	%		4.88	%

Summary of Expected Maturity Analysis of Undiscounted Pension Benefits

The expected maturity analysis of undiscounted pension benefits as at December 31, 2020, is as follows:

(In millions of Korean won)

Less than

1 year

Between
1-2 years

Between

2-5

years

Over 5 years

Total

Pension benefits

￦

232,550

￦

271,366

￦

794,840

￦

2,284,517

￦

3,583,273

Defined benefit obligations [member]

Statement [LineItems]

Summary of Sensitivity of the Defined Benefit Obligations

The sensitivity of the defined benefit obligations as at December 31, 2020, to changes in the principal assumptions is:


(In percentage, in millions of Korean won)	Effect on defined benefit obligation
	Changes in assumption	Increase in assumption		Decrease in assumption
Discount rate	0.5% point		￦ (86,288)	￦	93,254
Salary growth rate	0.5% point		85,344		(79,970	)