Pensions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Amounts Recognized in Statements of Financial Position

(a)

The amounts recognized in the statements of financial position are as follows:


	December 31, 2019			December 31, 2020
	NT$000			NT$000
Present value of defined benefit obligations		(901,159	)		(943,391	)
Fair value of plan assets		421,052			431,740

Net defined benefit liability		(480,107	)		(511,651	)

Summary of Movements in net Defined Benefit Liability

(b)

Movements in net defined benefit liability are as follows:


	2018
	Present value of defined benefit obligations			Fair value of plan assets			Net defined benefit liability
	NT$000			NT$000			NT$000
January 1		(838,543	)		360,017			(478,526	)
Current services cost		(382	)		—			(382	)
Interest (expense) income		(14,429	)		6,291			(8,138	)

		(853,354	)		366,308			(487,046	)

Remeasurements:
Return on plan assets (excluding amounts included in interest income or expense)		—			8,145			8,145
Financial assumption movement effect		(56,934	)		—			(56,934	)
Experience adjustments		(11,172	)		—			(11,172	)

		(68,106	)		8,145			(59,961	)

Pension fund contribution		—			26,242			26,242
Paid pension		11,379			(11,379	)		—

December 31		(910,081	)		389,316			(520,765	)


	2019
	Present value of defined benefit obligations			Fair value of plan assets			Net defined benefit liability
	NT$000			NT$000			NT$000
January 1		(910,081	)		389,316			(520,765	)
Current services cost		(332	)		—			(332	)
Interest (expense) income		(11,170	)		4,831			(6,339	)

		(921,583	)		394,147			(527,436	)

Remeasurements:
Return on plan assets (excluding amounts included in interest income or expense)		—			12,601			12,601
Financial assumption movement effect		(27,993	)		—			(27,993	)
Experience adjustments		36,308			—			36,308

		8,315			12,601			20,916

Pension fund contribution		—			26,413			26,413
Paid pension		12,109			(12,109	)		—

December 31		(901,159	)		421,052			(480,107	)


	2020
	Present value of defined benefit obligations			Fair value of plan assets			Net defined benefit liability
	NT$000			NT$000			NT$000
January 1		(901,159	)		421,052			(480,107	)
Current services cost		(263	)		—			(263	)
Interest (expense) income		(8,835	)		4,171			(4,664	)

		(910,257	)		425,223			(485,034	)

Remeasurements:
Return on plan assets (excluding amounts included in interest income or expense)		—			12,568			12,568
Financial assumption movement effect		(57,180	)		—			(57,180	)
Experience adjustments		(7,378	)		—			(7,378	)

		(64,558	)		12,568			(51,990	)

Pension fund contribution		—			25,373			25,373
Paid pension		31,424			(31,424	)		—

December 31		(943,391	)		431,740			(511,651	)

Principal Actuarial Assumptions

(d)

The principal actuarial assumptions used were as follows:


	Year ended December 31,
	2019			2020
Discount rate		1.00	%		0.50	%

Future salary increase		3.50	%		3.50	%

Sensitivity Analysis of Present Value of Defined Benefit Obligations Effected by Changes of Significant Actuarial Assumptions

Because the main actuarial assumption changed, the present value of defined benefit obligations is affected. The analysis was as follows:


	Discount rate					Future salary increase
	Increase 0.25%			Decrease 0.25%		Increase 0.25%		Decrease 0.25%
	NT$000			NT$000		NT$000		NT$000
December 31, 2019
Effect on present value of defined benefit obligations		(27,993	)		29,284		28,501		(27,407	)

December 31, 2020
Effect on present value of defined benefit obligations		(29,114	)		30,434		29,471		(28,365	)

Analysis of Timing of the Future Pension Payment

(f)

As of December 31, 2020, the weighted average duration of that retirement plan is 12.6 years. The analysis of timing of the future pension payment was as follows:


	December 31, 2020
	NT$000
Within 1 year		35,066
1-2 years		35,198
2-5 years		122,969
5-10 years		165,979

		359,212