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Employee benefits | 12 Months Ended
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Dec. 31, 2021
Disclosure of Employee benefits [Abstract] |
Disclosure Of Employee Benefits Explanatory [Text Block] | Note 26 Employee Benefits The Company grants short term and employment termination benefits as part of its compensation policies. The Parent Company and its subsidiaries have collective agreements with their employees, which establish the compensation and/or short–term and long-term benefits for their staff, the main features of which are described below:
|  | Short-term benefits are generally based on combined plans or agreements, designed to compensate benefits received, such as paid vacation, annual performance bonuses and compensation through annuities.
|  | Long-term benefits are plans or agreements mainly intended to cover the post-employment benefits generated at the end of the labor relationship, be it by voluntary resignation or death of personnel hired.
The cost of such benefits is charged against income, in the “Personnel Expense” item. As of December 31, 2021 and 2020 , the total staff benefits recorded in the Consolidated Statement of Financial Position is detailed as follows:
Employees’ Benefits | As of December 31, 2021 | As of December 31, 2020
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Short term benefits | 49,699,243 | - | 33,935,007 | -
Employment termination benefits | 977,858 | 34,274,997 | 5,965,581 | 35,678,357
Total | 50,677,101 | 34,274,997 | 39,900,588 | 35,678,357
Short - term benefits Short-term benefits are mainly comprised of recorded vacation (on accruals basis), bonuses and share compensation. Such benefits are recorded when the obligation is accrued and are usually paid within a 12-month periods, consequently, they are not discounted. The total short-term benefits recorded in the Consolidated Statement of Financial Position are detailed as follows:
Short-Term Employees’ Benefits | As of December 31, 2021 | As of December 31, 2020
ThCh$ | ThCh$
Vacation | 16,934,429 | 14,381,033
Bonus and compensation | 32,764,814 | 19,553,974
Total | 49,699,243 | 33,935,007
The Company records staff vacation cost on an accrual basis. Severance Indemnity The Company records a liability for the payment of an irrevocable severance indemnity, originated by collective and individual agreements entered into with certain groups of employees. Such obligation is determined by means of the current value of the benefit accrued cost, a method that considers several factors for the calculation such as estimates of future continuance, mortality rates, future salary increases and discount rates. The Company periodically evaluates the above-mentioned factors based on historical data and future projections, making adjustments that apply when checking changes sustained trend. The so-determined value is presented at the current value by using the severance benefits accrued method. The discount rate is determined by reference to market interest rates curves for high quality entrepreneurial bonds. The discount rate in Chile was 6,97% ( 4,41% in 2020 ) and in Argentina 61,23% ( 54,87% in 2020 ). The obligation recorded for severance indemnity is detailed as follow s :
Severance Indemnity | As of December 31, 2021 | As of December 31, 2020
ThCh$ | ThCh$
Current | 977,858 | 5,965,581
Non-current | 34,274,997 | 35,678,357
Total | 35,252,855 | 41,643,938
The change in the severance indemnity is detailed as follows:
Severance Indemnity | ThCh$
Balance as of January 1, 2020 | 33,571,138
Current cost of service | 3,077,205
Interest cost | 2,343,063
Actuarial (Gain) losses | 1,859,692
Paid-up benefits | (1,087,421)
Past service cost | 653,426
Conversion effect | (1,146,660)
Others | 2,373,495
Changes | 8,072,800
As of December 31, 2020 | 41,643,938
Current cost of service | 2,988,782
Interest cost | 3,279,881
Actuarial (Gain) losses | (5,216,580)
Paid-up benefits | (6,210,075)
Past service cost | 469,558
Conversion effect | 105,928
Others | (1,808,577)
Changes | (6,391,083)
As of December 31, 2021 | 35,252,855
The figures recorded in the Consolidated Statement of Income, are detailed as follows:
Expense recognized for severance indemnity | For the years ended as of December 31,
2021 | 2020 | 2019
ThCh$ | ThCh$ | ThCh$
Current cost of service | 2,988,782 | 3,077,205 | 2,457,762
Past service cost | 469,558 | 653,426 | 930,906
Non-provisioned paid benefits | 4,976,108 | 3,718,682 | 3,959,881
Other | 920,120 | 2,271,831 | 70,747
Total expense recognized in Consolidated Statement of Income | 9,354,568 | 9,721,144 | 7,419,296
| F-126 |
Actuarial Assumptions As mentioned in Note 2 - Summary of significant accounting policies, 2.20 , the severance payment obligation is recorded at its actuarial value. The main actuarial assumptions used for the calculation of the severance indemnity obligation are detailed as follows:
Actuarial Assumptions | Chile | Argentina
As of December 31, 2021 | As of December 31, 2020 | As of December 31, 2021 | As of December 31, 2020
Mortality table | RV-2014 | RV-2014 | Gam '83 | Gam '83
Annual interest rate | 6,97% | 4,41% | 61,23% | 54,87%
Voluntary employee turnover rate | 1,9% | 1,9% | "ESA 77 Ajustada" - 50% | "ESA 77 Ajustada" - 50%
Company’s needs rotation rate | 5,3% | 5,3% | "ESA 77 Ajustada" - 50% | "ESA 77 Ajustada" -50%
Salary increase (*) | 3,7% | 3,7% | 52,10% | 46,1%
Estimated retirement age for (*) | Officers |  | 60 | 60 | 60 | 60
Other | Male | 65 | 65 | 65 | 65
Female | 60 | 60 | 60 | 60
(*) Average of the Company. Sensitivity Analysis The Following is a sensitivity analysis based on increased (decreased) of 1 percent on the discount rate:
Sensitivity Analysis | As of December 31, 2021 | As of December 31, 2020
ThCh$ | ThCh$
1% increase in the Discount Rate (Gain) | 1,833,192 | 2,383,615
1% decrease in the Discount Rate (Loss) | (2,101,740) | (2,778,376)
Personnel expense The amounts recorded in the Consolidated Statement of Income are detailed as follows:
Personal expense | For the years ended as of December 31,
2021 | 2020 | 2019
ThCh$ | ThCh$ | ThCh$
Salaries | 213,794,654 | 183,112,042 | 168,117,881
Employees’ short-term benefits | 46,605,454 | 34,107,747 | 27,469,694
Total expenses for short-term employee benefits | 260,400,108 | 217,219,789 | 195,587,575
Employments termination benefits | 9,354,568 | 9,721,144 | 7,419,296
Other staff expense | 45,277,007 | 37,006,715 | 34,115,503
Total (1) | 315,031,683 | 263,947,648 | 237,122,374
(1) See Note 30 - Natures of cost and expense .

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