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

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:

(

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.