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PROVISION FOR POST-EMPLOYMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
SCHEDULE OF PROVISION FOR POST-EMPLOYMENT BENEFITS

Provision for post-employment benefits consists of the following:

 

   As of December 31, 
   2020   2019 
Provision for post-employment benefits  $68,701   $- 
SCHEDULE OF RECONCILIATION ON PRESENT VALUE OF DEFINED BENEFIT OBLIGATION AND PLAN ASSETS

The following outlines how each category of employee benefits are measured, providing reconciliation on present value of Defined Benefit Obligation and Plan Asset.

 

   As of December 31, 
   2020   2019 
Present Value of Defined Benefit Obligation (DBO) and Fair Value of Plan Assets        
Present Value of DBO, at the Beginning of Year  $-   $264,253 
Current service cost   68,701    75,695 
Interest cost on the DBO   -    16,188 
Employee benefits are already noted for quit employees   -    - 
Exchange rate impact   -    12,805 
Present Value of DBO, (expected) at the End of Year   68,701    368,941 
Actuarial gain on DBO        (4,179)
Present Value of DBO, (actual) at the End of Year  $68,701   $364,762 
           
Fair Value of Plan Assets at the Beginning of Year  $-   $236,621 
Interest income on Plan Assets   -    14,496 
Company contribution to Plan Assets   -    105,052 
Exchange rate impact   -    12,223 
Fair Value of Plan Assets, (expected) at the End of Year   -    368,392 
Actuarial gain or loss on Plan Assets   -    6,528 
Fair Value of Plan Assets, (actual) at the End of Year  $-   $374,920 
           
The effect of asset ceiling   -    (10,158)
           
Provision for post-employment benefits  $68,701   $- 
SCHEDULE OF KEY INFORMATION FOR THE RECALCULATION OF EMPLOYEE BENEFITS OBLIGATIONS

The following are key information for the recalculation of employee benefits obligations as of December 31, 2020 and 2019:

 

   As of December 31, 
   2020   2019 
Liabilities at the Beginning of Year  $-   $27,632 
Post-employment benefits costs   68,701    77,388 
Actuarial gain on liabilities   -    (549)
Company contribution   -    (105,052)
Employee benefits paid   -    - 
Exchange rate impact   -    581 
Liabilities at the End of Year  $68,701   $-