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EMPLOYEE BENEFIT LIABILITIES | 12 Months Ended
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Dec. 31, 2023
Disclosure of net defined benefit liability (asset) [abstract] |
EMPLOYEE BENEFIT LIABILITIES | EMPLOYEE BENEFIT LIABILITIES
| As of December 31,
| 2023 |  | 2022
| Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000
Employee benefit liabilities |  |  |  |  |  |  |  |  |  |  |
Pension-Defined benefit plans | 1,120 |  |  | 5,891 |  |  | 7,011 |  |  | 1,320 |  |  | 7,576 |  |  | 8,896 |
Long service leave | 719 |  |  | 106 |  |  | 825 |  |  | 627 |  |  | 117 |  |  | 744 |
Total | 1,839 |  |  | 5,997 |  |  | 7,836 |  |  | 1,947 |  |  | 7,693 |  |  | 9,640 |
21(a) Pension – Defined contribution plans Our Company has several defined contribution plans covering its employees in Australia, PRC, Singapore, Thailand, and Taiwan. Contributions to the plan are made monthly. Total charges for the years ended December 31, 2023, 2022 and 2021, were $1,222, $1,182, and $1,200, respectively. 21(b) Pension – Defined benefit plans The defined benefit liability recognized in the consolidated balance sheet in respect to defined benefit plans is the present value of the defined benefit obligation at the end of the reporting period, together with adjustments for past service costs and actuarial gains or losses. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using future actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. In determining the appropriate discount rate, management considers the inactive corporate bond trading in Thailand, taken into account the yields on Thai Government Bonds and extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on the most recent mortality investigation on policyholders of life insurance companies in Thailand. Future salary increases and pension increases are based on expected future inflation rates derived from external economic data, together with historical experience of Charoong Thai. In accordance with the Thailand labor law, Charoong Thai and its subsidiaries are obliged to make payment to retiring employees, at rates of 1 to 13 times of their final month’s salary rate, depending on the length of service. In addition, Charoong Thai also has the extra benefit plan to make payment to qualified retiring employees, at rates of 1 to 26 times of final month's salary. The plan is not funded. Our Company pays to settle the obligations as and when employees retire. 21(b) Pension – Defined benefit plans (continued) The following tables summaries the components of net benefit expense recognized in the income statement and the funded status and amounts recognized in the consolidated balance sheet for the plan:
| For the year ended December 31,
Net benefit cost | 2023 |  | 2022 |  | 2021
| US$’000 |  | US$’000 |  | US$’000
Current service cost | 442 |  |  | 447 |  |  | 519 |
Past service cost | — |  |  | 48 |  |  | — |
Interest cost on benefit obligation | 191 |  |  | 154 |  |  | 127 |
Net benefit cost | 633 |  |  | 649 |  |  | 646 |
| For the year ended December 31,
Other comprehensive income | 2023 |  | 2022 |  | 2021
| US$’000 |  | US$’000 |  | US$’000
Actuarial (gain) / loss – experience | (195) |  |  | (263) |  |  | 140 |
Actuarial loss / (gain) – demographic assumption | (89) |  |  | 74 |  |  | (23) |
Actuarial (gain) / loss – financial assumption | (1,601) |  |  | (543) |  |  | (676) |
Actuarial gain | (1,885) |  |  | (732) |  |  | (559) |
| For the year ended December 31,
Change in the defined obligation | 2023 |  | 2022 |  | 2021
| US$’000 |  | US$’000 |  | US$’000
Defined benefit obligation at January 1 | 8,896 |  |  | 9,854 |  |  | 11,300 |
Current service cost | 442 |  |  | 447 |  |  | 519 |
Past service cost | — |  |  | 48 |  |  | — |
Interest cost on benefit obligation | 191 |  |  | 154 |  |  | 127 |
Benefits paid directly by our Company | (701) |  |  | (653) |  |  | (746) |
Actuarial gain in other comprehensive income | (1,885) |  |  | (732) |  |  | (559) |
Exchange differences | 68 |  |  | (222) |  |  | (787) |
Defined benefit obligation at December 31 | 7,011 |  |  | 8,896 |  |  | 9,854 |
Actuarial assumptions The significant assumptions used in determining the actuarial present value of the defined benefit obligations for the years ended December 31, 2023 and 2022 are as follows:
| 2023 |  | 2022
| % |  | %
Discount rate | 2.4-4.7 |  | 2.5-2.7
Rate of salary increase | 3.0~6.0 |  | 5.0~6.0
Pre-retirement mortality | * Thailand TMO17 Tables, improving with the rate of 3.0% p.a. |  | * Thailand TMO17 Tables
*TMO represented as Thailand Mortality Ordinary Tables 21(b) Pension – Defined benefit plans (continued) Maturity profile of defined benefit obligation The following pension benefit payments are expected payments to be made in the future years out of the defined benefit plan obligation:
| As of December 31,
| 2023 |  | 2022
| US$’000 |  | US$’000
Within the next 12 months (next annual reporting period) | 1,120 |  |  | 1,320 |
Between 2 and 5 years | 2,856 |  |  | 1,936 |
Between 6 and 10 years | 3,037 |  |  | 4,101 |
Total expected payments | 7,013 |  |  | 7,357 |
Weighted average duration of defined benefit obligation | 9 ~ 14 years |  | 9 years
Sensitivity analysis A one-percentage point change in the assumed rates would have yielded the following effects:
| 2023 | 2022
| US$’000 | US$’000
Discount rate – 1% increase | (552) |  | (699) |
Discount rate – 1% decrease | 482 |  | 818 |
Rate of salary increase – 1% increase | 483 |  | 782 |
Rate of salary increase – 1% decrease | (543) |  | (685) |
The sensitivity result above determines their individual impact on the plan’s year-end defined benefit obligation. In reality, the plan is subject to multiple external experience items which may move the defined benefit obligation in similar or opposite directions, while the plan’s sensitivity to such changes can vary over time. 21(c) Long service leave The liability for long service leave is recognized in the provision for employee benefits and measured as present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bond with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. As of December 31, 2023 and 2022, the amount of long service leave obligation was $825 and $744, respectively.

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