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Provisions for Retirement Benefit Obligations | 12 Months Ended
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Dec. 31, 2020
Provisions for Retirement Benefit Obligations |
Provisions for Retirement Benefit Obligations | Note 13. Provisions for Retirement Benefit Obligations Retirement benefit obligations are determined based on the rights set forth in the national collective bargaining agreement for the French pharmaceutical industry (IDCC 176/Brochure 3104) and in accordance with IAS 19 — Employee Benefits. These rights depend on the employee’s final salary and seniority within the Company at his/her retirement date. Principal actuarial assumptions The following assumptions were used to measure the obligation:
|  | As of December 31, |
Variables |  | 2018 |  | 2019 |  | 2020 |
Retirement age |  | 65 | years | 65 | years | 65 | years
Payroll taxes |  | 41.41 | % | 41.41 | % | 41.41 | %
Salary growth rate |  | 2 | % | 2 | % | 2 | %
Discount rate |  | 1.60 | % | 0.70 | % | 0.35 | %
Mortality table |  | TGH/TGF 05 |  | TGH/TGF 05 |  | TGH/TGF 05 |
The discount rate corresponds to the rates of Eurozone AA‑rated corporate bonds with maturities of over ten years. Net provision The provision recorded in respect of defined benefit schemes at the end of each reporting period is shown in the table below:
|  | As of
|  | December 31,
(in thousands of euros) |  | 2018 |  | 2019 |  | 2020
Retirement benefit obligations |  | 1,029 |  | 1,127 |  | 1,385
Obligation |  | 1,029 |  | 1,127 |  | 1,385
Given the absence of plan assets at December 31, 2018, 2019 and 2020, the total amount of the provision corresponds to the estimated obligation at those dates. Change in net provision The change in the provision recorded in respect of defined benefit schemes breaks down as follows:
|  | Year ended
|  | December 31,
(in thousands of euros) |  | 2018 |  | 2019 |  | 2020
Provision at beginning of period |  | (866) |  | (1,029) |  | (1,127)
Expense for the period |  | (194) |  | (1) |  | (209)
Actuarial gains or losses recognized in other comprehensive income |  | 31 |  | (96) |  | (49)
Provision at end of period |  | (1,029) |  | (1,127) |  | (1,385)
Breakdown of expense recognized for the period The expense recognized in the statement of income (loss) breaks down as follows:
|  | Year ended
|  | December 31,
(in thousands of euros) |  | 2018 |  | 2019 |  | 2020
Service cost for the period |  | (192) |  | (195) |  | (202)
Interest cost for the period |  | (11) |  | (16) |  | (8)
Plan curtailments and modifications |  | — |  | 157 |  | —
Benefits for the period |  | 9 |  | 53 |  | —
Total |  | (194) |  | (1) |  | (209)
As of December 31, 2020, the expense related to the retirement benefit obligation increased in comparison to 2019, mainly due to the reversal of the provision related to the redundancy plan implemented in 2019 and the absence of benefits for the period in 2020. Breakdown of actuarial gains and losses recognized in comprehensive income The actuarial gains (losses) can be analyzed as follows:
|  | Year ended
|  | December 31,
(in thousands of euros) |  | 2018 |  | 2019 |  | 2020
Demographic changes |  | (14) |  | 32 |  | 14
Changes in actuarial assumptions |  | 45 |  | (129) |  | (63)
Total |  | 31 |  | (96) |  | (49)
Demographic differences mainly relate to salary adjustments and to the variations in the workforce. Changes in actuarial assumptions relate to movements in the discount rate (1.60% in 2018 to 0.70% in 2019 and to 0.35% in 2020). Sensitivity analysis A 0.25% change in the discount rate would have had an impact of approximately 3.40% on the obligation amount in 2020, 3.5% in 2019 and around 3.5% in 2018.
|  | In thousands
December 31, 2018 |  | of euros
Benefit obligation at December 31, 2018 at 1.35% |  | 1,067
Benefit obligation at December 31, 2018 at 1.60% |  | 1,029
Benefit obligation at December 31, 2018 at 1.85 % |  | 994
|  | In thousands
December 31, 2019 |  | of euros
Benefit obligation at December 31, 2019 at 0,45% |  | 1,168
Benefit obligation at December 31, 2019 at 0,70% |  | 1,127
Benefit obligation at December 31, 2019 at 0,95% |  | 1,088
|  | In thousands
December 31, 2020 |  | of euros
Benefit obligation at December 31, 2020 at 0,10% |  | 1,433
Benefit obligation at December 31, 2020 at 0,35% |  | 1,385
Benefit obligation at December 31, 2020 at 0,60% |  | 1,340

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- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2020-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI -URIDate 2020-01-01 + Details
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