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EMPLOYEE BENEFIT LIABILITIES, NET | 12 Months Ended
--- | ---
Dec. 31, 2022
EMPLOYEE BENEFIT LIABILITIES, NET |
EMPLOYEE BENEFIT LIABILITIES, NET | NOTE 16: — EMPLOYEE BENEFIT LIABILITIES, NET Post-employment benefits: According to the labor laws and Severance Pay Law in Israel, the Company is required to pay compensation to an employee upon dismissal or retirement or to make current contributions in defined contribution plans pursuant to Section 14. According to laws in some of the other countries the company employs in, the Company is required to pay compensation to an employee upon dismissal or the employee leaving on its own will. The Company’s liability is accounted for as a post-employment benefit. The computation of the Company’s employee benefit liability is made according to the current employment contract based on the employee’s salary and employment term which establish the entitlement to receive the compensation. In Israel, the post-employment employee benefits are normally financed by contributions classified as defined benefit plan or as defined contribution plan, as detailed below. ​ NOTE 16: — EMPLOYEE BENEFIT LIABILITIES, NET (Cont.)
a. | Defined contribution plans:
Almost all of the employees in Israel are subject to Section 14 pursuant to which the fixed contributions paid by the Company into pension funds and/or policies of insurance companies release the Company from any additional liability to employees for whom said contributions were made. These contributions and contributions for benefits represent defined contribution plans. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Expenses – defined contribution plan | ​ | $ | 461 | ​ | $ | 544 | ​ | $ | 429
​ ​
b. | Defined benefit plans:
The Company has defined benefit plan for employees in Israel that are not under Section 14, and for employees in other countries that are entitled according to their respective domicile’s laws to severance pay upon dismissal or retirement. For defined benefit plan an employee benefit liability is recognized, and for employees of the Israeli subsidiary the Group also deposits amounts in pension funds and qualifying insurance policies. Changes in the defined benefit obligation and fair value of plan assets:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Defined benefit obligation: | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | 1,474 | ​ | $ | 1,080
Current service cost | ​ | ​ | 296 | ​ | ​ | 321
Payments | ​ | ​ | (142) | ​ | ​ | (46)
Net interest expense | ​ | ​ | 38 | ​ | ​ | 26
Total expenses recognized in profit or loss for the period | ​ | ​ | 192 | ​ | ​ | 301
Loss (profit) from remeasurement in other comprehensive loss – actuarial loss, net | ​ | ​ | (275) | ​ | ​ | 85
Effect of changes in foreign exchange rates | ​ | ​ | (25) | ​ | ​ | 8
Balance as of December 31, | ​ | ​ | 1,366 | ​ | ​ | 1,474
Fair value of plan assets: | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | ​ | (84) | ​ | ​ | (71)
Net interest income | ​ | ​ | (2) | ​ | ​ | (2)
Loss (gain) from remeasurement in other comprehensive gain, net | ​ | ​ | 8 | ​ | ​ | (4)
Effect of changes in foreign exchange rates | ​ | ​ | 10 | ​ | ​ | (3)
Contributions | ​ | ​ | (4) | ​ | ​ | (4)
Balance as of December 31, | ​ | ​ | (72) | ​ | ​ | (84)
Net defined liability: | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | ​ | 1,390 | ​ | ​ | 1,009
Current service cost | ​ | ​ | 296 | ​ | ​ | 321
Payments | ​ | ​ | (142) | ​ | ​ | (46)
Net interest expense | ​ | ​ | 36 | ​ | ​ | 24
Total expenses recognized in profit or loss for the period | ​ | ​ | 190 | ​ | ​ | 299
Loss (gain) from remeasurement in other comprehensive loss – actuarial loss, net | ​ | ​ | (267) | ​ | ​ | 81
Effect of changes in foreign exchange rates | ​ | ​ | (15) | ​ | ​ | 5
Contributions | ​ | ​ | (4) | ​ | ​ | (4)
Balance as of December 31, | ​ | $ | 1,294 | ​ | $ | 1,390
​ ​ NOTE 16: — EMPLOYEE BENEFIT LIABILITIES, NET (Cont.) The principal assumptions underlying the defined benefit plan: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | %
Discount rate (*) | ​ | 4.9 - 5.2 | ​ | 2.5 - 2.9
Expected rate of salary increase | ​ | 5 | ​ | 5
​
​ | ​ | ​ | ​ | ​
​ | ​ | Number of years
Life expectation at the age of 65 |  | 8.3 - 13.2 |  | 9.4 - 14.2
​
| (*) | The discount rate is based on high-quality CPI-linked corporate bonds for the defined benefit obligation in Israel or high-quality USD corporate bonds for other countries.

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