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23 Post-Employment Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Post-employment Benefits  
Schedule of liabilities under post-employment benefits

Amounts recognized in liabilities, under Post-employment benefits, are summarized below:

 

  12.31.2020 12.31.2019
Pension plans 1,124 1,537
Healthcare plans  1,492,490 1,193,399
   1,493,614 1,194,936
Current 69,231 66,004
Noncurrent  1,424,383 1,128,932
Schedule of post-employment benefits recognized in the statement of income

Amounts recognized in the statement of income are shown below:

 

  12.31.2020 12.31.2019 12.31.2018
Employees      
Pension plans  57,977 60,754 67,457
Healthcare plan - post employment   94,349 99,577 97,866
Healthcare plan - active employees   75,192 76,454 76,702
   227,518  236,785 242,025
Management      
Pension plans 977 1,450 1,598
Healthcare plan 139  91  127
   1,116 1,541 1,725
   228,634  238,326 243,750
Schedule of changes in post-employment benefits
23.4 Changes in post-employment benefits
   
Balance as of January 1, 2019  968,763
Appropriation of actuarial calculation  99,578
Appropriation of pension and healthcare contributions   138,974
Adjustment related to actuarial gains (loss)  186,628
Amortizations (199,007)
Balance as of December 31, 2019 1,194,936
Appropriation of actuarial calculation  94,349
Appropriation of pension and healthcare contributions   130,129
Adjustment related to actuarial gains  271,343
Amortizations (197,143)
Balance as of December 31, 2020 1,493,614
Schedule of actuarial assumptions

The actuarial assumptions used to determine the amounts of liabilities and costs for 2020 and 2019 are shown below:

 

    2020   2019
  Real  Nominal  Real  Nominal 
Economic        
Inflation p.y. -    4.00% -    2.90%
Expected rate of discount/return p.y.        
Unified Plan - Defined Benefit 2.85% 6.96% 3.05% 6.04%
Unified Plan - Balance 3.20% 7.33% 3.20% 6.19%
Plan III 3.40% 7.54% 3.20% 6.19%
Assistance Plan 3.20% 7.33% 3.30% 6.30%
Salary growth         
Unified Plan p.y. 0.00% 4.00% 1.00% 3.93%
Plan III p.y. 1.00% 5.04% 1.00% 3.93%
Demographic        
Mortality Table    AT - 2000     AT - 2000 
Mortality table of individuals with permanent disability    WINKLEVOSS     WINKLEVOSS 
Table of new disability benef it vested    TASA 1927     TASA 1927
Schedule of participants and beneficiaries
23.5.2 Number of participants and beneficiaries
             
  Social Security Plans  
  Unified Plan Plan III Assistance Plan
  12.31.2020 12.31.2019 12.31.2020 12.31.2019 12.31.2020 12.31.2019
Number of active participants  22  27  7,401  7,647  6,546  6,963
Number of Inactive participants  4,274  4,337  4,633  4,324  9,032  8,433
Number of dependent people - - - -  21,716  22,183
 Total   4,296  4,364  12,034  11,971  37,294  37,579
Schedule of life expectancy
23.5.3 Life expectancy after the average age of participants - Annuity Table AT-2000 (in years)
     
  Unified Plan Plan III
As of 12.31.2020    
Retired participants 12.38  23.16
Pensioner participants 14.07  24.98
As of 12.31.2019    
Retired participants 13.13  25.84
Pensioner participants 8.40  25.84
Schedule of actuarial evaluation

For this reason, the Company did not record assets in its balance sheet as of December 31, 2020, reflecting any right to reduce contributions, refund of surplus or other amounts.

 

  Unified
 Plan		 Plan
 III		 Assistance
 Plan		 12.31.2020 12.31.2019
Total liabilities or partially covered  6,760,824  3,344,723  1,714,638  11,820,185  11,074,608
Fair value of the plan assets (7,568,268) (3,629,780) (222,148) (11,420,196) (10,880,721)
Plan coverage status (807,444) (285,057)  1,492,490  399,989  193,887
Unrecognized asset  807,444  285,057 -  1,092,501  999,512
  - -  1,492,490  1,492,490  1,193,399
Schedule of changes in actuarial liabilities
23.5.5 Changes in actuarial liabilities
       
  Unified Plan Plan III Assistance Plan
Present value of net actuarial obligations as of January 1, 2018  5,352,894  1,734,568 1,035,957
Cost of services 589 9,604  11,633
Cost of interest 533,201 195,991  102,916
Benefits paid  (414,256)  (133,281) (7)
Actuarial (gain) losses 442,336 338,779 (9,894)
Present value of net actuarial obligations as of December 31, 2018  5,914,764  2,145,661 1,140,605
Cost of services 560 4,098  14,306
Cost of interest 477,732 128,075  106,004
Benefits paid  (435,454)  (174,427) (30)
Actuarial (gain) losses 680,860 943,129  128,725
Present value of net actuarial obligations as of December 31, 2019  6,638,462  3,046,536 1,389,610
Cost of services 578 2,018  20,854
Cost of interest 405,371 183,866  85,561
Benefits paid  (456,151)  (203,342) (74)
Actuarial (gain) losses 172,564 315,645  218,687
Present value of net actuarial obligations as of December 31, 2020  6,760,824  3,344,723 1,714,638
Schedule of changes in actuarial assets
23.5.6 Changes in actuarial assets
       
  Unified Plan Plan III Assistance Plan
Fair value of the Plan's assets as of January 1, 2018  5,834,572  1,821,055 170,923
Return estimated for assets 593,572 230,703 16,579
Contributions and distributions 24,011 9,184 -
Benefits paid  (414,256)  (133,281) -
Actuarial gain (losses) 252,942 250,575  (14,511)
Fair value of the Plan's assets as of December 31, 2018  6,290,841  2,178,236 172,991
Return estimated for assets 685,685 337,476 51,541
Contributions and distributions 23,851 4,185 -
Benefits paid  (435,454)  (174,427) -
Actuarial gain (losses) 981,833 792,284  (28,321)
Fair value of the Plan's assets as of December 31, 2019  7,546,756  3,137,754 196,211
Return estimated for assets 607,252 224,591 16,474
Contributions and distributions 23,919 136,708 -
Benefits paid  (456,151)  (203,341) -
Actuarial gain (losses)  (153,508) 334,068  9,463
Fair value of the Plan's assets as of December 31, 2020  7,568,268  3,629,780 222,148
Schedule of estimated net periodic plan costs (gains)

The estimated net periodic plan costs (gains) for 2021 for each plan are shown below:

 

  Unified Plan Plan III Assistance Plan
Cost of current service  388 4,010  7,368
Estimated cost of interest  481,656  246,255 125,133
Expected return on plan assets (530,144) (245,291)  (15,994)
Expected employee contributions (136)  (2,003) -
Costs (income or loss)  (48,236) 2,971 116,507
Schedule of sensitivity analysis

The following tables set out a sensitivity analysis, which shows the effect of a one percent increase or decrease in the assumed care costs, in the aggregate of the cost of service and cost of interest components and the accumulated post-employment benefit obligation.

 

     
  Projected scenarios
  Increase by 1% Decrease in 1%
Sensitivity of long-term interest rate    
Impacts on the obligations of the pension  (514,571)  521,397
Impacts on the obligations of healthcare program  (130,084)  138,601
Sensitivity of growth rate of the medical costs    
Impacts on the obligations of healthcare program  116,165 (112,757)
Impact on cost of service for the following financial year of healthcare program   492 (478)
Sensitivity of the service cost    
Impacts on the obligations of the pension  29 (30)
Impacts on the obligations of healthcare program   572 (586)
Schedule of benefits payable

The estimated benefits to be paid by the Company in the next five years and the total benefits for the following fiscal years are shown below:

 

  Unified Plan Plan III Assistance Plan Total 
2021  589,819 179,251 89,842 858,912
2022  572,875 173,696 92,409 838,980
2023  555,705 167,961 91,572 815,238
2024  538,812 162,277 89,509 790,598
2025  522,208 156,810 87,372 766,390
2026 a 2050 5,119,047  2,119,296 1,010,411  8,248,754
Schedule of asset allocation for pension and healthcare plans

The asset allocation for the Company pension and healthcare plans at the end of 2020 and the allocation goal for 2021, by asset category, are shown below:

 

  Goal for 2021 (*) 2020
Fixed income 69.6% 70.4%
Variable income 7.2% 9.1%
Loans 1.6% 1.6%
Real estate 5.8% 7.2%
Investment structuring 10.5% 8.9%
Investments abroad 5.3% 2.8%
  100.0% 100.0%
(*) Target based on the total investment of each plan.
Schedule of pension plan assets

In addition, information on the allocation of assets of pension plans sponsored by the Company:

 

  Unified Plan Plan III
  target (%)(*) minimum (%) target (%) minimum (%)
Fixed income 86.5% 55.0% 51.0% 23.0%
Variable income 5.0% 1.0% 14.0% 8.0%
Loans 0.5% 0.0% 3.0% 1.0%
Real estate 5.0% 1.0% 10.0% 0.0%
Investment structuring 3.0% 0.0% 16.0% 0.0%
Investments abroad 0.0% 0.0% 6.0% 0.0%
(*) Target 2020.