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Net Defined Benefit Liabilities (Assets) | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Net Defined Benefit Liabilities (Assets) |
17. | Net Defined Benefit Liabilities (Assets)
| (1) | The amounts recognized in the statements of financial position as of December 31, 2022 and 2023, are determined as follows:
(in millions of Korean won) |  | December 31, 2022 |  |  | December 31, 2023 |
Present value of defined benefit obligations |  | ￦ | 2,218,655 |  |  | ￦ | 2,365,793 |
Fair value of plan assets |  |  | (2,478,143 | ) |  |  | (2,462,925 | )
Liabilities |  | ￦ | 51,654 |  |  | ￦ | 63,616 |
Assets |  | ￦ | 311,142 |  |  | ￦ | 160,748 |
| (2) | Changes in the defined benefit obligations for the years ended December 31, 2022 and 2023, are as follows:
(in millions of Korean won) |  | 2022 |  |  | 2023 |
Beginning |  | ￦ | 2,494,930 |  |  | ￦ | 2,218,655 |
Current service cost |  |  | 238,068 |  |  |  | 213,489 |
Interest expense |  |  | 59,041 |  |  |  | 103,874 |
Benefit paid |  |  | (316,047 | ) |  |  | (358,298 | )
Changes due to settlements of plan & Past Service Cost |  |  | (701 | ) |  |  | 1 |
Remeasurements: |  |  |  |  |  |  |  |
Actuarial gains ( losses ) arising from changes in demographic assumptions |  |  | (13,048 | ) |  |  | 1,903 |
Actuarial gains ( losses ) arising from changes in financial assumptions |  |  | (323,501 | ) |  |  | 138,462 |
Actuarial gains arising from experience adjustments |  |  | 80,845 |  |  |  | 48,174 |
Acquisition and disposition of businesses, etc. |  |  | (932 | ) |  |  | (467 | )
Ending |  | ￦ | 2,218,655 |  |  | ￦ | 2,365,793 |
| (3) | Changes in the fair value of plan assets for the years ended December 31, 2022 and 2023, are as follows:
(in millions of Korean won) |  | 2022 |  |  | 2023 |
Beginning |  | ￦ | 2,314,632 |  |  | ￦ | 2,478,143 |
Interest income |  |  | 55,902 |  |  |  | 121,336 |
Remeasurements: |  |  |  |  |  |  |  |
Return on plan assets (excluding amounts included in interest income) |  |  | (8,542 | ) |  |  | 9,410 |
Benefits paid |  |  | (287,419 | ) |  |  | (307,762 | )
Employer contributions |  |  | 401,358 |  |  |  | 165,128 |
Acquisition and disposition of businesses, etc. |  |  | 2,212 |  |  |  | (3,330 | )
Ending |  | ￦ | 2,478,143 |  |  | ￦ | 2,462,925 |
| (4) | Amounts recognized in the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023, are as follows:
(in millions of Korean won) |  | 2021 |  |  | 2022 |  |  | 2023 |
Current service cost |  | ￦ | 249,125 |  |  | ￦ | 238,068 |  |  | ￦ | 213,922 |
Net Interest cost |  |  | 5,047 |  |  |  | 3,139 |  |  |  | (17,462 | )
Changes due to settlements of plan & Past Service Cost |  |  | (681 | ) |  |  | (701 | ) |  |  | 1 |
Transfer out |  |  | (16,660 | ) |  |  | (15,102 | ) |  |  | (13,435 | )
Total expenses |  | ￦ | 236,831 |  |  | ￦ | 225,404 |  |  | ￦ | 183,026 |
| (5) | Principal actuarial assumptions used are as follows:
|  | December 31, 2021 |  |  | December 31, 2022 |  |  | December 31, 2023 |
Discount rate |  |  | 2.1%~3.70% |  |  |  | 2.4%~6.29% |  |  |  | 3.67%~5.51% |
Salary growth rate |  |  | 1%~6.97% |  |  |  | 1.82%~8.9% |  |  |  | 1.7%~8.96% |
| (6) | The sensitivity of the defined benefit obligations as of December 31, 2023, 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 |  |  | ￦ (139,461) |  |  | ￦ | 150,568 |
Salary growth rate |  | 0.5% point |  |  | 145,687 |  |  |  | (135,431 | )
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 analysis 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.
| (7) | Effect of defined benefit plan on future cash flows
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 ￦ 273,503 million. The expected maturity analysis of undiscounted pension benefits as o f December 31, 2023, 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 |  | ￦ | 257,315 |  |  | ￦ | 376,352 |  |  | ￦ | 910,076 |  |  | ￦ | 2,013,167 |  |  | ￦ | 3,556,910 |
The weighted average duration of the defined benefit obligations is 6.2 years.

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