Employee benefits (Tables)

Reconciliations of defined benefit obligation at present value and plan asset at fair value are as follows:


	December 31,		December 31,
	2019		2020
		(in thousands)

Present value of the defined benefit obligations	$	3,142	3,562
Fair value of plan assets		(3,730)	(3,952)
	$	(588)	(390)
Net defined benefit liabilities		50	47
Prepaid pension costs		(638)	(437)
	$	(588)	(390)

(ii) Movements in present value of the defined benefit obligations


	Year ended December 31,
	2019		2020
	(in thousands)
Balance at beginning of year	$	3,184	3,142
Service costs		26	6
Interest expense		121	27
Remeasurements loss (gain):
Actuarial loss (gain) arising from:
-Changes in demographic assumptions		2	91
-Experience adjustment		(149)	56
-Change in financial assumptions		53	196
Refund of overfunding		(18)	-
Effect of changes in exchange rates		(77)	44
Balance at end of year	$	3,142	3,562

(iii) Movements in the fair value of plan assets


	Year ended December 31,
	2019		2020
	(in thousands)
Balance at beginning of year	$	3,565	3,730
Interest income		140	31
Remeasurements gain (loss):
-Return on plan assets excluding interest income		120	129
Contributions paid by the employer		56	15
Refund of overfunding		(70)	-
Effect of changes in exchange rate		(81)	47
Balance at end of year	$	3,730	3,952

(iv) Expenses recognized in profit or loss


	Year ended December 31,
	2018		2019	2020
	(in thousands)

Current service costs	$	20	26	6
Interest expense (income)		19	(19)	(4)
	$	39	7	2
Cost of revenues	$	14	6	6
Research and development		18	1	(5)
General and administrative		4	-	1
Sales and marketing		3	-	-
	$	39	7	2


	Year ended December 31,
	2018		2019	2020
	(in thousands)

Current service costs	$	20	26	6
Interest expense (income)		19	(19)	(4)
	$	39	7	2
Cost of revenues	$	14	6	6
Research and development		18	1	(5)
General and administrative		4	-	1
Sales and marketing		3	-	-
	$	39	7	2

(v) Remeasurement of net defined benefit liability recognized in other comprehensive income


	Year ended December 31,
	2019		2020
	(in thousands)

Balance at beginning of year	$	129	(60)
Recognized during the period		(189)	176
Balance at end of year	$	(60)	116

The principal actuarial assumptions were as follows:


	December 31,		December 31,
	2019		2020
Discount rate	0.87%-0.88	%	0.42	%
Rate of increase in compensation levels	3.00	%	3.00	%

Reasonably possible changes at December 31, 2019 and 2020 to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below.


	December 31, 2019		December 31, 2020
	+ 0.5%	- 0.5%	+ 0.5%	‑0.5%
	(in thousands)
Discount rate	(272)	302	(306)	339
Rate of increase in compensation levels	294	(268)	328	(300)