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Net Defined Benefit Liabilities | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Net Defined Benefit Liabilities |
18. | Net Defined Benefit Liabilities
The amounts recognized in the statements of financial position as at December 31, 2021 and 2022, are determined as follows:
( i n millions of Korean won) |  | December 31, 2021 |  |  | December 31, 2022 |
Present value of defined benefit obligations |  | ￦ | 2,494,930 |  |  | ￦ | 2,218,655 |
Fair value of plan assets |  |  | (2,314,632 | ) |  |  | (2,478,143 | )
Liabilities |  | ￦ | 197,883 |  |  | ￦ | 51,654 |
Assets |  | ￦ | 17,585 |  |  | ￦ | 311,142 |
Changes in the defined benefit obligations for the years ended December 31, 2021 and 2022, are as follows:
( i n millions of Korean won) |  | 2021 |  |  | 2022 |
Beginning |  | ￦ | 2,556,712 |  |  | ￦ | 2,494,930 |
Current service cost |  |  | 249,125 |  |  |  | 238,068 |
Interest expense |  |  | 44,905 |  |  |  | 59,041 |
Benefit paid |  |  | (310,766 | ) |  |  | (316,047 | )
Changes due to settlements of plan & Past Service Cost |  |  | (681 | ) |  |  | (701 | )
Remeasurements: |  |  |  |  |  |  |  |
Actuarial gains and losses arising from changes in demographic assumptions |  |  | (8,375 | ) |  |  | (13,048 | )
Actuarial gains and losses arising from changes in financial assumptions |  |  | (61,002 | ) |  |  | (323,501 | )
Actuarial gains and losses arising from experience adjustments |  |  | (5,271 | ) |  |  | 80,845 |
Changes in scope of consolidation , etc. |  |  | 30,283 |  |  |  | (932 | )
Ending |  | ￦ | 2,494,930 |  |  | ￦ | 2,218,655 |
Changes in the fair value of plan assets for the years ended December 31, 2021 and 2022, are as follows:
( i n millions of Korean won) |  | 2021 |  |  | 2022 |
Beginning |  | ￦ | 2,189,375 |  |  | ￦ | 2,314,632 |
Interest income |  |  | 39,858 |  |  |  | 55,902 |
Remeasurements: |  |  |  |  |  |  |  |
Return on plan assets (excluding amounts included in interest income) |  |  | (130 | ) |  |  | (8,542 | )
Benefits paid |  |  | (271,506 | ) |  |  | (287,419 | )
Employer contributions |  |  | 325,818 |  |  |  | 401,358 |
Changes in scope of consolidation , etc. |  |  | 31,217 |  |  |  | 2,212 |
Ending |  | ￦ | 2,314,632 |  |  | ￦ | 2,478,143 |
Amounts recognized in the consolidated statements of profit or loss for the years ended December 31, 2020, 2021 and 2022, are as follows:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Current service cost |  | ￦ | 248,047 |  |  | ￦ | 249,125 |  |  | ￦ | 238,068 |
Net Interest cost |  |  | 6,494 |  |  |  | 5,047 |  |  |  | 3,139 |
Changes due to settlements of plan & Past Service Cost |  |  | 1,075 |  |  |  | (681 | ) |  |  | (701 | )
Transfer out |  |  | (16,514 | ) |  |  | (16,660 | ) |  |  | (15,102 | )
Total expenses |  | ￦ | 239,102 |  |  | ￦ | 236,831 |  |  | ￦ | 225,404 |
Principal actuarial assumptions used are as follows:
|  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2022 |
Discount rate |  |  | 1.93% |  |  |  | 2.55% |  |  |  | 5.05% |
Salary growth rate |  |  | 4.88% |  |  |  | 5.10% |  |  |  | 5.15% |
The sensitivity of the defined benefit obligations as at December 31, 2022, 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 |  |  | ￦ (108,725) |  |  | ￦ | 117,362 |
Salary growth rate |  | 0.5% point |  |  | 113,037 |  |  |  | (105,541 | )
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. The above sensitivity analys i s is based on an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The sensitivity of the defined benefit obligation to changes in principal actuarial assumptions is calculated using the projected unit credit method, the same method applied when calculating the defined benefit obligations recognized on the statement of financial position. The Group actively monitors how the duration and the expected yield of the investments match the expected cash outflows arising from the pension obligations. Expected contributions to post-employment benefit plans for the year ending December 31, 2023, are ￦ 281,118 million. The expected maturity analysis of undiscounted pension benefits as at December 31, 2022, is as follows:
( i n millions of Korean won) |  | Less than 1 year |  |  | Between 1-2 years |  |  | Between 2-5 years |  |  | Over 5 years |  |  | Total |
Pension benefits |  | ￦ | 231,594 |  |  | ￦ | 336,926 |  |  | ￦ | 855,642 |  |  | ￦ | 1,922,089 |  |  | ￦ | 3,346,251 |
The weighted average duration of the defined benefit obligations is 6.0 years.

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